Al-Baha turns to SAR 3.5M profit in 2023; Q4 at SAR 1.8M

28/03/2024 Argaam Exclusive

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Al-Baha Investment and Development Co. swung to a net profit of SAR 3.5 million in 2023, from a net loss of SAR 8 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	11.52	16.06	39.5 %
Gross Income	5.82	11.67	100.6 %
Operating Income	(1.60)	10.79	772.8 %
Net Income	(7.98)	3.50	143.8 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.27)	0.12	143.8 %

The positive results were buoyed by a 39% rise year-on-year (YoY) in revenue, thanks to a 74% increase in occupancy rates at the group’s complexes.

Further, the positive impact of the investment deals that were sealed in 2022 also appeared.

Al-Baha also reported YoY declines of 23% and 73% in the cost of revenue and financing expenses, respectively.

The company recorded zero offering expenses in 2023, compared to SAR 3.99 million a year earlier. It also recorded an impairment reversal in investment properties at SAR 4.67 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	3.54	4.36	23.2 %
Gross Income	2.27	3.29	44.7 %
Operating Income	(2.61)	5.46	309.0 %
Net Income	(3.08)	1.79	158.1 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.10)	0.06	158.1 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	4.63	4.36	(5.7 %)
Gross Income	3.49	3.29	(5.8 %)
Operating Income	2.35	5.46	132.2 %
Net Income	1.36	1.79	31.6 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.05	0.06	31.6 %

Total shareholders’ equity, after minority interest, rose to SAR 214.87 million as of Dec. 31, 2023, from SAR 211.38 million a year earlier.

Accumulated losses reached SAR 82.1 million by the end of the 12-month period, accounting for 27.7% of the company’s capital.

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