Al-Baha Investment and Development Co. widened net losses after Zakat and tax to SAR 4.9 million in the first nine months of 2022, from SAR 2.4 million in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 7.93 | 7.98 | 0.5 % |
| Gross Income | 4.17 | 3.55 | (14.9 %) |
| Operating Income | (1.59) | 1.01 | 163.4 % |
| Net Income | (2.44) | (4.89) | (101.0 %) |
| Average Shares | 2,964.00 | 2,970.00 | 0.2 % |
| EPS (Halala) | (0.08) | (0.16) | (100.6 %) |
The increase in net losses is attributed to recording non-recurring expenses related to the company's capital increase file, in addition to higher financing costs.
In Q3 2022, Al-Baha narrowed its losses to SAR 600,000, from SAR 820,000 in Q3 2021.
Compared to Q2 2022, losses saw a three-fold jump from SAR 200,000 due to no other revenue.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 2.59 | 2.80 | 8.3 % |
| Gross Income | 1.27 | 1.30 | 2.3 % |
| Operating Income | (0.11) | 0.20 | 291.4 % |
| Net Income | (0.82) | (0.60) | 26.5 % |
| Average Shares | 2,964.00 | 2,970.00 | 0.2 % |
| EPS (Halala) | (0.03) | (0.02) | 26.6 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 2.62 | 2.80 | 7.0 % |
| Gross Income | 1.17 | 1.30 | 11.2 % |
| Operating Income | 0.41 | 0.20 | (50.6 %) |
| Net Income | (0.20) | (0.60) | (208.7 %) |
| Average Shares | 2,970.00 | 2,970.00 | - |
| EPS (Halala) | (0.01) | (0.02) | (208.7 %) |
Total shareholders’ equity, excluding minority interest, rose to SAR 214.462 million as of Sept. 30, 2022, from SAR 105.265 million a year earlier.
Accumulated losses came in at SAR 82.538 million by the end of the nine-month period, representing 27.79% of the company’s capital.
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