Al-Baha makes SAR 1.7 mln profit in 9M 2023, SAR 1.4 mln in Q3

29/10/2023 Argaam Exclusive

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Al-Baha Investment and Development Co. swung to a net profit of SAR 1.7 million in the first nine months of 2023, against a net loss of SAR 4.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	7.98	11.70	46.7 %
Gross Income	3.55	8.38	136.4 %
Operating Income	1.01	5.33	428.9 %
Net Income	(4.89)	1.71	134.9 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.16)	0.06	134.9 %

The company reported a 46% jump year-on-year (YoY) in revenues, while the cost of goods sold and finance costs dropped by 25% and 63% YoY, respectively.

In Q3 2023, the company turned to a net profit of SAR 1.4 million from a net loss of SAR 600,000 in the prior-year period, as revenue increased by 65.19% YoY and the cost of revenue declined by 24.56% YoY.

On a sequential basis, Al-Baha’s bottom line skyrocketed from SAR 190,000 in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	2.80	4.63	65.2 %
Gross Income	1.30	3.49	169.2 %
Operating Income	0.20	2.35	1069.9 %
Net Income	(0.60)	1.36	325.9 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.02)	0.05	325.9 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	3.62	4.63	27.8 %
Gross Income	2.55	3.49	37.2 %
Operating Income	1.63	2.35	44.0 %
Net Income	0.19	1.36	619.4 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.01	0.05	619.4 %

Shareholders’ equity, after minority interest, reached SAR 213.08 million as of Sept. 30, 2023, compared to SAR 214.46 million a year earlier.

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