Al-Baha trims loss to SAR 8 mln in 2022, SAR 3.1 mln in Q4

31/03/2023 Argaam Exclusive

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Al-Baha Investment and Development Co. cut losses to SAR 8 million in 2022, from SAR 8.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	11.41	11.52	1.0 %
Gross Income	6.37	5.82	(8.7 %)
Operating Income	(7.47)	(1.60)	78.5 %
Net Income	(8.34)	(7.98)	4.4 %
Average Shares	2,964.00	2,970.00	0.2 %
EPS (Halala)	(0.28)	(0.27)	4.6 %

The company recorded other revenues of SAR 3.14 million. Investment properties and good will decreased by SAR 3.46 million and SAR 951.349. Further, Al-Baha recorded financing costs of SAR 2.75 million and a Zakat provision of SAR 2.72 million. It incurred non-recurring subscription expenses of SAR 3.99 million.

The financial impact of the projects acquired by the group from the net proceeds of the subscription will appear during 2023.

The fourth-quarter net losses narrowed to SAR 3.1 million, from SAR 5.91 million in Q4 2021.

Net losses increased from SAR 600,000 in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	3.47	3.54	2.0 %
Gross Income	2.21	2.27	3.1 %
Operating Income	(5.88)	(2.61)	55.5 %
Net Income	(5.91)	(3.08)	47.9 %
Average Shares	2,964.00	2,970.00	0.2 %
EPS (Halala)	(0.20)	(0.10)	48.0 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	2.80	3.54	26.4 %
Gross Income	1.30	2.27	75.2 %
Operating Income	0.20	(2.61)	(1400.0 %)
Net Income	(0.60)	(3.08)	(411.8 %)
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.02)	(0.10)	(411.8 %)

Shareholders’ equity, excluding minority interest, rose to SAR 211.38 million as of Dec. 31, 2022, from SAR 99.36 million a year earlier.

Accumulated losses stood at SAR 85.61 million by the end of 2022, accounting for 28.83% of the company’s capital.

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