Al-Baha 9M 2024 profit rises to SAR 1.8M; Q3 loss at SAR 389,000

15/10/2024 Argaam Exclusive

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Al-Baha Investment and Development Co.'s net profit (after minority interest) advanced to SAR 1.8 million in the first nine months of 2024, from SAR 1.7 million a year before.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	11.70	13.48	15.2 %
Gross Income	8.38	10.14	21.0 %
Operating Income	5.33	6.02	12.9 %
Net Income	1.71	1.77	3.4 %
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.06	0.06	3.4 %

The annual profit growth was buoyed by increased revenues on higher occupancy rates, as well as a 44% year-on-year (YoY) decrease in financing costs.

In Q3 2024, the company turned to a net loss of SAR 389,000, from net earnings of SAR 1.36 million in the year-earlier period.

The company attributed the third-quarter loss to the three-month revenue decline on higher vacancies at the group's complexes. In addition, it posted a rise in the credit loss provisions expense to SAR 1.85 million in Q3 2024, from SAR 254,895 in the same quarter of 2023. The group's Zakat provision expense also leapt by 56% YoY to SAR 837,893.

On a sequential basis, Al-Baha’s bottom line dropped 116% from SAR 2.47 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	4.63	4.52	(2.3 %)
Gross Income	3.49	3.42	(2.2 %)
Operating Income	2.35	0.64	(72.9 %)
Net Income	1.36	(0.39)	(128.6 %)
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.05	(0.01)	(128.6 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	4.50	4.52	0.5 %
Gross Income	3.41	3.42	0.4 %
Operating Income	3.59	0.64	(82.2 %)
Net Income	2.47	(0.39)	(115.7 %)
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.08	(0.01)	(115.7 %)

Shareholders’ equity, after minority interest, reached SAR 216.64 million as of Sept. 30, 2024, compared to SAR 213.09 million a year earlier.

Accumulated losses reached SAR 80.35 million, representing 27% of capital.

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