Al-Baha profit up to SAR 2.2M in H1 2024; Q2 at SAR 2.5M

04/08/2024 Argaam Exclusive

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Al-Baha Investment and Development Co. reported a three-fold increase in net profit to SAR 2.2 million in H1 2024, from SAR 348,000 a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	7.07	8.95	26.7 %
Gross Income	4.89	6.73	37.6 %
Operating Income	2.98	5.38	80.6 %
Net Income	0.35	2.15	519.0 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.01	0.07	519.0 %

The profit rise was driven by an increase in revenue and net income supported by higher occupancy rates in the group’s complexes.

Al-Baha’s net profit rose to SAR 2.48 million in Q2 2024 from SAR 190,000 in Q2 2023.

Compared to the previous quarter, the company turned a profit in Q2 2024 against a loss of SAR 320,000 in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	3.62	4.50	24.3 %
Gross Income	2.55	3.41	33.7 %
Operating Income	1.63	3.59	120.1 %
Net Income	0.19	2.47	1207.4 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.01	0.08	1207.4 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	4.45	4.50	1.1 %
Gross Income	3.32	3.41	2.5 %
Operating Income	1.79	3.59	101.2 %
Net Income	(0.32)	2.47	879.0 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	(0.01)	0.08	879.0 %

Shareholders’ equity, after minority interest, rose to SAR 217.03 million as of June 30, 2024, from SAR 211.72 million in the year-earlier period.

Accumulated losses stood at SAR 79.96 million by the end of H1 2024, accounting for 26.92% of the company’s capital.

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