Financial Results : Al-Baha deepens net loss to SAR 4.1 mln in Q1 2022

Al-Baha deepens net loss to SAR 4.1 mln in Q1 2022

28/04/2022 Argaam Exclusive

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Al-Baha Investment and Development Co. widened net losses after Zakat and tax to SAR 4.1 million in Q1 2022, from SAR 1 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 2.54 2.55 0.5 %
Gross Income 1.32 1.08 (18.1 %)
Operating Income (0.55) 0.40 172.4 %
Net Income (0.95) (4.10) (330.4 %)
Average Shares 2,964.00 2,970.00 0.2 %
EPS (Halala) (0.03) (0.14) (329.5 %)

Losses were higher as the company recorded non-recurring subscription expenses amounting to SAR 3.99 million. Al-Baha also reported an increase in the estimated Zakat provision for Q1 2021.

 

Losses narrowed by 30.7% from SAR 5.91 million in the fourth quarter of 2021, as the company did not record an impairment loss for investment properties, compared to recording SAR 7.04 million in Q1 2021, on the COVID-19 pandemic.

 

The fourth-quarter results implied reversal of an expected credit loss provision of 220,000 amid the pandemic.

 

Shareholders’ equity, after minority interest, more than doubled to SAR 215.258 million in the three-month period, from SAR 106.747 million in the year-earlier period.

 

Accumulated losses came in at SAR 81.7 million in Q1 2022, accounting for 27.5% of the company’s capital.

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