Al-Baha profit grows to SAR 8.4M in 2024; Q4 at SAR 6.6M

26/01/2025 Argaam Exclusive

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Al-Baha Investment and Development Co. reported a net profit of SAR 8.4 million (excluding minority interest) in 2024, compared to SAR 3.5 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	16.06	18.10	12.7 %
Gross Income	11.67	13.60	16.5 %
Operating Income	10.79	8.59	(20.4 %)
Net Income	3.50	8.38	139.5 %
Average Shares	2,182.95	2,182.95	-
EPS (Halala)	0.16	0.38	139.5 %

This was backed by a 13% increase in revenue this year, due to higher operational rates in the company's commercial complexes during 2024.

The company also cited a 98% year-on-year (YoY) plunge in Zakat expenses due to the acquisition of minority shares in Al-Marakez Al-Raqia Ltd. in Q4 2024 and lower provisions. Meanwhile, financing costs decreased by 39%.

Q4 2024 net earnings reached SAR 6.6 million, compared to SAR 1.79 million in the year-earlier period.

On a sequential basis, the company turned profitable in Q4 2024, from SAR 0.39 million loss in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	4.36	4.62	5.9 %
Gross Income	3.29	3.46	5.1 %
Operating Income	5.46	2.57	(52.9 %)
Net Income	1.79	6.61	269.6 %
Average Shares	2,182.95	2,182.95	-
EPS (Halala)	0.08	0.30	269.6 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	4.52	4.62	2.2 %
Gross Income	3.42	3.46	1.2 %
Operating Income	0.64	2.57	303.2 %
Net Income	(0.39)	6.61	1801.7 %
Average Shares	2,182.95	2,182.95	-
EPS (Halala)	(0.02)	0.30	1801.7 %

Total shareholders’ equity, after minority interest, reached SAR 223.05 million by Dec. 31, 2024, compared to SAR 214.87 million a year earlier.

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