Financial Results : Al-Baha turns to profit of SAR 159,000 in Q1 2023

Al-Baha turns to profit of SAR 159,000 in Q1 2023

22/05/2023 Argaam Exclusive

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Al-Baha Investment and Development Co. reported a net profit of SAR 159,000 in Q1 2023, against a loss of SAR 4.1 million a year earlier. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2.55 3.45 35.0 %
Gross Income 1.08 2.34 116.6 %
Operating Income 0.40 1.35 235.9 %
Net Income (4.10) 0.16 103.9 %
Average Shares 2,970.00 2,970.00 -
EPS (Halala) (0.14) 0.01 103.9 %

The profit was driven by a 35% year-on-year (YoY) increase in group revenues and a 24.96% decline in the cost of revenue.

 

During the first quarter of 2023, there were no non-recurring expenses compared to the same quarter of the previous year related to the expenses of increasing the company's capital during 2022.

 

Sequentially, the company turned to profit in Q1 2023 against a loss of SAR 3.08 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 211.5 million as of March 31, 2023, from SAR 215.3 million a year earlier.

 

Accumulated loss reached SAR 85.46 million as of March 31, 2023, or 28.77% of the company’s capital of SAR 297 million.

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