Al-Baha widens H1 2022 net loss to SAR 4.3 mln; Q2 at SAR 195,000

01/08/2022 Argaam Exclusive

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Al-Baha Investment and Development Co. deepened net losses after Zakat and tax to SAR 4.3 million in H1 2022, from SAR 1.6 million a year earlier, on recording non-recurring expenses related to the company's capital increase file expenses, in addition to an increase in financing costs.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	5.35	5.17	(3.2 %)
Gross Income	2.90	2.25	(22.4 %)
Operating Income	(1.49)	0.81	154.4 %
Net Income	(1.62)	(4.29)	(165.8 %)
Average Shares	2,964.00	2,970.00	0.2 %
EPS (Halala)	(0.05)	(0.14)	(165.3 %)

In Q2 2022, Al-Baha narrowed its net loss to SAR 195,000, as no expected credit losses were recorded during the current quarter compared to Q2 2021.

Compared to the previous quarter, the company narrowed its net losses by 95.2% from SAR 4.06 million, as no underwriting expenses were recorded during the second quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	2.81	2.62	(6.6 %)
Gross Income	1.58	1.17	(26.1 %)
Operating Income	(0.93)	0.41	143.7 %
Net Income	(0.66)	(0.20)	70.6 %
Average Shares	2,964.00	2,970.00	0.2 %
EPS (Halala)	(0.02)	(0.01)	70.6 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	2.55	2.62	2.5 %
Gross Income	1.08	1.17	7.9 %
Operating Income	0.40	0.41	1.5 %
Net Income	(4.10)	(0.20)	95.2 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.14)	(0.01)	95.2 %

Shareholders’ equity, after minority interest, rose to SAR 215.063 million as of June 30, 2022, from SAR 106.085 million in the year-earlier period.

Accumulated losses stood at SAR 81.936 million by the end of H1 2022, accounting for 27.59% of the company’s capital.

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