Financial Results : BAAN loses SAR 43.2M in 9M 2025, SAR 26.6M in Q3

BAAN loses SAR 43.2M in 9M 2025, SAR 26.6M in Q3

10/11/2025 Argaam Exclusive

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BAAN Holding Group Co. turned to a net loss of SAR 43.2 million (before minority interest) in 9M 2024, from a net profit of SAR 17.5 million a year earlier.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 505.88 497.82 (1.6 %)
Gross Income 146.74 114.24 (22.1 %)
Operating Income 39.04 (6.80) (117.4 %)
Net Income 17.61 (43.13) (345.0 %)
Average Shares 315.00 315.00 -
Earnings Per Share before unusual items (Riyals) (0.06) (0.17) (171.7 %)
EPS (Riyal) 0.06 (0.14) (345.0 %)

Revenues dropped by 1.59% (SAR 8.06 million), mainly due to lower revenues in the hospitality segment, resulting from a decline in occupancy rates and average room rate, as well as a decrease in the entertainment segment revenues due to lower visitor numbers. Meanwhile, revenues from other activities increased, primarily driven by growth in catering and hospitality services.

 

The company also cited the impact of non-recurring insurance compensations of SAR 24.8 million and the reversal of expected credit loss provisions of SAR 12.44 million recognized in the previous year following the collection of the related receivables.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 161.16 152.67 (5.3 %)
Gross Income 44.25 28.12 (36.5 %)
Operating Income 12.65 (12.32) (197.4 %)
Net Income 7.27 (26.52) (465.0 %)
Average Shares 315.00 315.00 -
Earnings Per Share before unusual items (Riyal) (0.02) (0.08) (412.6 %)
EPS (Riyal) 0.02 (0.08) (465.0 %)

In Q3 2025, BAAN incurred a net loss of SAR 26.6 million, against a net profit of SAR 7.24 million in Q3 2024, mainly due to lower revenues by 5.27%.

 

The company reported net earnings of SAR 0.13 million in Q2 2025.

 

Total shareholders’ equity, excluding minority interest, reached SAR 164.69 million as of Sept. 30, 2025, compared to SAR 221.35 million a year earlier.

 

Accumulated losses stood at SAR 154.04 million by the end of the nine-month period, accounting for 48.9% of the company’s capital.

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