Financial Results : Al-Baha earns SAR 1.3M in Q1 2025

Al-Baha earns SAR 1.3M in Q1 2025

04/05/2025 Argaam Exclusive

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Al-Baha Investment and Development Co. turned to a net profit after minority interest of SAR 1.31 million in Q1 2025, versus a SAR 317,000 loss a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 4.45 4.56 2.5 %
Gross Income 3.32 3.51 5.6 %
Operating Income 1.79 1.41 (21.0 %)
Net Income (0.32) 1.31 512.9 %
Average Shares 218.30 218.30 -
Earnings Per Share before unusual items (Riyals) 0.00 0.01 512.9 %
EPS (Riyals) 0.00 0.01 512.9 %

Before minority interest, the first-quarter earnings reached SAR 1.33 million, compared to a SAR 62,000 loss in Q1 2024.

 

The three-month profit was driven by a 2.4% year-on-year (YoY) revenue rise for Q1 2025, which in turn boosted occupancy rates across the company’s malls.

 

In addition, the provision for Zakat expenses shrank to SAR 8,624 for the first three months of 2025, versus SAR 1.8 million in the year before. For the same quarter, the company witnessed a 14% YoY drop in financing costs, despite an 82% annual surge in the provision for expected credit losses to SAR 1.22 million from SAR 672,272 in Q1 2024.

 

Sequentially, however, the company’s three-month bottom line contracted by 80.2% from SAR 6.61 million in the first quarter of 2024. This came given the quarter-on-quarter (QoQ) revenue decline amid reduced mall occupancy on a quarterly basis.

 

Total shareholders’ equity, after minority interest, stood at SAR 224.37 million by March 31, 2025, up from SAR 214.55 million a year earlier.

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