Financial Results : Al-Baha turns to SAR 62,100 net loss in Q1 2024

Al-Baha turns to SAR 62,100 net loss in Q1 2024

19/05/2024 Argaam Exclusive

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Al-Baha Investment and Development Co. swung to a net loss of SAR 62,100 for Q1 2024, versus a net profit of SAR 327,000 in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 3.45 4.45 29.1 %
Gross Income 2.34 3.32 41.7 %
Operating Income 1.35 1.79 32.6 %
Net Income 0.16 (0.32) (299.5 %)
Average Shares 2,970.00 2,970.00 -
EPS (Halala) 0.01 (0.01) (299.5 %)

The losses were attributed to a 204% surge year-on-year (YoY) in credit loss provisions and a 171% increase in Zakat provisions to SAR 1.8 million.

 

On a quarterly basis, the company turned to a net loss from a net profit of SAR 2.51 million in Q4 2023.

 

Shareholders’ equity, excluding minority interest, reached SAR 214.55 million by March 31, 2024, compared to SAR 211.53 million in the prior-year period.

 

Accumulated losses reached SAR 82.44 million by March 31, 2024, accounting for 27.76% of the company’s capital.

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