Al-Baha turns to SAR 347,900 profit in H1 2023; Q2 at SAR 189,000

14/08/2023 Argaam Exclusive

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Al-Baha Investment and Development Co. swung to a net profit of SAR 347,900 in H1 2023, from a SAR 4.3 million loss a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	5.17	7.07	36.7 %
Gross Income	2.25	4.89	117.4 %
Operating Income	0.81	2.98	268.7 %
Net Income	(4.29)	0.35	108.1 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.14)	0.01	108.1 %

The company attributed the improved results to a 36% year-on-year (YoY) increase in revenues, a 25% decline in the cost of revenues, and a 59% drop in finance costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	2.62	3.62	38.3 %
Gross Income	1.17	2.55	118.2 %
Operating Income	0.41	1.63	301.2 %
Net Income	(0.20)	0.19	196.9 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.01)	0.01	196.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	3.45	3.62	5.0 %
Gross Income	2.34	2.55	8.6 %
Operating Income	1.35	1.63	21.2 %
Net Income	0.16	0.19	18.9 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.01	0.01	18.9 %

In Q2 2023, the company turned to a net profit of SAR 189,000 from a loss of SAR 200,000 in Q2 2022, mainly due to higher revenues and lower costs of revenues.

Compared to the previous quarter, the company's Q2 2023 earnings rose 18.8% from SAR 160,000.

Shareholders’ equity, after minority interest, fell to SAR 211.72 million as of June 30, 2023, from SAR 215.06 million in the year-earlier period.

Accumulated losses stood at SAR 85.27 million by the end of H1 2023, accounting for 28.71% of the company’s capital.

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