Financial Results : BAAN incurs SAR 16.8M losses in Q1 2025

BAAN incurs SAR 16.8M losses in Q1 2025

15/05/2025 Argaam Exclusive

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BAAN Holding Group Co. turned to a loss of SAR 16.8 million in Q1 2025 from a profit of SAR 4.2 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 158.17 166.54 5.3 %
Gross Income 44.57 38.79 (13.0 %)
Operating Income 5.69 0.10 (98.2 %)
Net Income 4.23 (16.75) (496.3 %)
Average Shares 315.00 315.00 -
Earnings Per Share before unusual items (Riyal) (0.05) (0.05) (14.5 %)
EPS (Riyal) 0.01 (0.05) (496.3 %)

The company's core operations were impacted by seasonality, as the entire month of Ramadan fell within the current quarter. This led to a decline in visitor numbers and hotel occupancy rates, particularly in the central and eastern regions. Also, Q1 2024 financials included insurance compensation gains of SAR 19.1 million.

 

BAAN recognized expected credit loss provisions of SAR 2.62 million during the current quarter, compared to SAR 985,000 in Q1 2024.

 

These factors were partially offset by a 5.29% increase in revenue during Q1 2025, reaching SAR 166.54 million from SAR 158.17 million in Q1 2024, primarily driven by growth in the catering and food services segment.

 

Sequentially, net losses widened from SAR 12.41 million in Q4 2024.

 

Total shareholders’ equity, excluding minority interest, reached SAR 191.56 million as of March 2025, compared to SAR 207.3 million a year earlier.

 

Accumulated losses stood at SAR 125.76 million by the end of the current period, accounting for 39.92% of the company’s capital.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2016 297.81 7.1 % 106.25 (6.4 %) 45.54 (17.6 %)
Q2 2016 279.87 1.5 % 82.22 (16.0 %) 12.15 (65.5 %)
Q3 2016 336.89 6.4 % 123.75 4.0 % 57.19 8.1 %
Q4 2016 258.96 (6.0 %) 61.95 (32.2 %) 5.49 (80.1 %)
Q1 2017 258.31 (13.3 %) 64.45 (39.3 %) 5.90 (87.0 %)
Q2 2017 289.40 3.4 % 77.59 (5.6 %) 10.72 (11.8 %)
Q3 2017 316.08 (6.2 %) 79.58 (35.7 %) 7.25 (87.3 %)
Q4 2017 260.30 0.5 % 46.90 (24.3 %) (17.23) (413.8 %)
Q1 2018 271.00 4.9 % 56.98 (11.6 %) (7.35) (224.5 %)
Q2 2018 307.62 6.3 % 70.13 (9.6 %) (1.24) (111.5 %)
Q3 2018 315.52 (0.2 %) 75.35 (5.3 %) 0.64 (91.2 %)
Q4 2018 256.82 (1.3 %) 25.07 (46.5 %) (41.89) (143.1 %)
Q1 2019 260.73 (3.8 %) 59.70 4.8 % (3.31) 55.0 %
Q2 2019 298.93 (2.8 %) 84.31 20.2 % 18.16 1570.5 %
Q3 2019 301.85 (4.3 %) 82.85 10.0 % 13.46 2006.4 %
Q4 2019 248.51 (3.2 %) 45.22 80.3 % (19.92) 52.4 %
Q1 2020 231.05 (11.4 %) 81.29 36.2 % 28.54 963.2 %
Q2 2020 119.58 (60.0 %) (1.52) (101.8 %) (47.24) (360.1 %)
Q3 2020 113.23 (62.5 %) (41.57) (150.2 %) (90.29) (770.8 %)
Q4 2020 149.24 (39.9 %) 7.76 (82.8 %) (50.35) (152.7 %)
Q1 2021 140.99 (39.0 %) 2.04 (97.5 %) (41.94) (247.0 %)
Q2 2021 182.65 52.7 % 27.84 1937.5 % (19.92) 57.8 %
Q3 2021 191.01 68.7 % 40.59 197.7 % (14.49) 84.0 %
Q4 2021 193.76 29.8 % 33.30 329.4 % (7.80) 84.5 %
Q1 2022 172.38 22.3 % 27.48 1247.5 % (17.59) 58.1 %
Q2 2022 172.07 (5.8 %) 23.47 (15.7 %) (21.93) (10.1 %)
Q3 2022 176.50 (7.6 %) 46.36 14.2 % 3.12 121.5 %
Q4 2022 199.95 3.2 % 38.72 16.3 % (9.78) (25.4 %)
Q1 2023 163.84 (5.0 %) 25.22 (8.2 %) (17.38) 1.2 %
Q2 2023 201.08 16.9 % 56.02 138.7 % 19.19 187.5 %
Q3 2023 213.39 20.9 % 59.94 29.3 % 19.95 539.6 %
Q4 2023 163.83 (18.1 %) 46.38 19.8 % (21.35) (118.3 %)
Q1 2024 158.17 (3.5 %) 44.57 76.7 % 5.69 132.8 %
Q2 2024 186.55 (7.2 %) 57.92 3.4 % 20.70 7.9 %
Q3 2024 161.16 (24.5 %) 44.25 (26.2 %) 12.08 (39.5 %)
Q4 2024 172.82 5.5 % 38.34 (17.3 %) 2.69 112.6 %
Q1 2025 166.54 5.3 % 38.79 (13.0 %) 0.10 (98.2 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2016 49.16 (14.7 %) 0.22 - 49.16 0.22
Q2 2016 16.50 (61.7 %) 0.07 - 16.50 0.07
Q3 2016 55.80 (2.5 %) 0.25 - 55.80 0.25
Q4 2016 4.85 (84.8 %) 0.02 - 4.85 0.02
Q1 2017 7.99 (83.7 %) 0.04 - 7.99 0.04
Q2 2017 14.83 (10.1 %) 0.07 - 14.83 0.07
Q3 2017 9.00 (83.9 %) 0.04 - 9.00 0.04
Q4 2017 (23.14) (577.2 %) (0.10) - (23.14) (0.10)
Q1 2018 (7.52) (194.1 %) (0.03) - (7.52) (0.03)
Q2 2018 3.10 (79.1 %) 0.01 - 3.10 0.01
Q3 2018 1.93 (78.6 %) 0.01 - 1.93 0.01
Q4 2018 (73.56) (217.9 %) (0.32) (24.50) (49.06) (0.22)
Q1 2019 (32.06) (326.3 %) (0.14) - (32.06) (0.14)
Q2 2019 0.63 (79.9 %) 0.00 - 0.63 0.00
Q3 2019 (15.52) (904.9 %) (0.07) - (15.52) (0.07)
Q4 2019 (96.03) (30.6 %) (0.42) (48.41) (47.62) (0.21)
Q1 2020 2.11 106.6 % 0.01 - 2.11 0.01
Q2 2020 2.07 231.0 % 0.01 76.88 (74.82) (0.33)
Q3 2020 (109.32) (604.5 %) (0.48) (14.40) (94.92) (0.42)
Q4 2020 (95.01) 1.1 % (0.42) (13.90) (81.11) (0.36)
Q1 2021 (60.10) (2953.9 %) (0.27) - (60.10) (0.27)
Q2 2021 (69.95) (3480.9 %) (0.31) (30.68) (39.27) (0.17)
Q3 2021 6.18 105.7 % 0.02 38.19 (32.00) (0.10)
Q4 2021 (49.84) 47.5 % (0.16) (25.37) (24.48) (0.08)
Q1 2022 (31.99) 46.8 % (0.10) - (31.99) (0.10)
Q2 2022 (35.66) 49.0 % (0.11) - (35.66) (0.11)
Q3 2022 11.22 81.5 % 0.04 22.33 (11.11) (0.04)
Q4 2022 (25.06) 49.7 % (0.08) - (25.06) (0.08)
Q1 2023 (34.34) (7.4 %) (0.11) - (34.34) (0.11)
Q2 2023 4.94 113.9 % 0.02 0.56 4.38 0.01
Q3 2023 7.15 (36.3 %) 0.02 8.38 (1.23) 0.00
Q4 2023 (67.45) (169.2 %) (0.21) (12.48) (54.97) (0.17)
Q1 2024 4.23 112.3 % 0.01 19.13 (14.90) (0.05)
Q2 2024 6.12 23.7 % 0.02 5.67 0.44 0.00
Q3 2024 7.27 1.7 % 0.02 12.44 (5.17) (0.02)
Q4 2024 (12.30) 81.8 % (0.04) - (12.30) (0.04)
Q1 2025 (16.75) (496.3 %) (0.05) 0.32 (17.07) (0.05)

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2016 35.56 % 25.04 % 15.56 %
Q2 2016 34.09 % 23.40 % 13.23 %
Q3 2016 33.91 % 23.53 % 12.89 %
Q4 2016 31.88 % 22.41 % 10.76 %
Q1 2017 29.31 % 20.02 % 7.51 %
Q2 2017 28.66 % 19.98 % 7.30 %
Q3 2017 25.26 % 16.11 % 3.27 %
Q4 2017 23.89 % 14.34 % 0.77 %
Q1 2018 22.96 % 13.34 % (0.60 %)
Q2 2018 21.96 % 12.32 % (1.61 %)
Q3 2018 21.60 % 12.11 % (2.22 %)
Q4 2018 19.77 % 10.15 % (4.48 %)
Q1 2019 20.19 % 14.96 % (6.67 %)
Q2 2019 21.59 % 21.47 % (6.94 %)
Q3 2019 22.53 % 27.37 % (8.59 %)
Q4 2019 24.51 % 33.60 % (8.52 %)
Q1 2020 27.18 % 36.75 % (5.59 %)
Q2 2020 23.07 % 34.17 % (15.08 %)
Q3 2020 11.71 % 25.03 % (30.22 %)
Q4 2020 7.50 % 21.75 % (40.57 %)
Q1 2021 (6.36 %) 9.45 % (59.45 %)
Q2 2021 (0.67 %) 12.65 % (46.99 %)
Q3 2021 11.78 % 21.13 % (32.01 %)
Q4 2021 14.65 % 9.74 % (22.00 %)
Q1 2022 17.47 % 10.89 % (17.27 %)
Q2 2022 17.12 % 9.33 % (17.02 %)
Q3 2022 18.27 % 2.13 % (14.45 %)
Q4 2022 18.87 % 24.58 % (14.40 %)
Q1 2023 18.78 % 24.74 % (14.90 %)
Q2 2023 22.43 % 28.76 % (8.92 %)
Q3 2023 23.12 % 36.72 % (7.23 %)
Q4 2023 25.27 % 26.03 % (11.61 %)
Q1 2024 28.10 % 27.15 % (9.06 %)
Q2 2024 28.92 % 26.39 % (9.79 %)
Q3 2024 28.84 % 27.09 % (11.14 %)
Q4 2024 27.27 % 31.74 % (4.70 %)
2024 27.27 % 31.74 % (4.71 %)
Q1 2025 26.10 % 30.95 % (4.96 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2016 226.54 0.80 0.80 2.95
Q2 2016 226.54 0.68 0.68 3.02
Q3 2016 226.54 0.68 0.68 3.11
Q4 2016 226.54 0.56 0.56 3.08
Q1 2017 226.54 0.38 0.38 3.07
Q2 2017 226.54 0.37 0.37 3.13
Q3 2017 226.54 0.16 0.16 3.17
Q4 2017 226.54 0.04 0.04 2.96
Q1 2018 226.54 (0.03) (0.03) 2.88
Q2 2018 226.54 (0.08) (0.08) 2.89
Q3 2018 226.54 (0.11) (0.11) 2.90
Q4 2018 226.54 (0.34) (0.23) 2.57
Q1 2019 226.54 (0.44) (0.34) 2.43
Q2 2019 226.54 (0.45) (0.35) 2.43
Q3 2019 226.54 (0.53) (0.42) 2.36
Q4 2019 226.54 (0.63) (0.42) 1.94
Q1 2020 226.54 (0.48) (0.27) 1.95
Q2 2020 226.54 (0.47) (0.60) 1.96
Q3 2020 226.54 (0.89) (0.95) 1.48
Q4 2020 226.54 (0.88) (1.10) 1.09
Q1 2021 226.54 (1.16) (1.37) 0.83
Q2 2021 226.54 (1.48) (1.22) 0.51
Q3 2021 315.00 (0.69) (0.67) 1.35
Q4 2021 315.00 (0.55) (0.49) 1.18
Q1 2022 315.00 (0.46) (0.41) 1.08
Q2 2022 315.00 (0.35) (0.39) 0.96
Q3 2022 315.00 (0.34) (0.33) 1.00
Q4 2022 315.00 (0.26) (0.33) 0.92
Q1 2023 315.00 (0.27) (0.34) 0.81
Q2 2023 315.00 (0.14) (0.21) 0.83
Q3 2023 315.00 (0.15) (0.18) 0.86
Q4 2023 315.00 (0.28) (0.27) 0.65
Q1 2024 315.00 (0.16) (0.21) 0.66
Q2 2024 315.00 (0.16) (0.22) 0.68
Q3 2024 315.00 (0.16) (0.24) 0.70
Q4 2024 315.00 0.02 (0.10) 0.66
Q1 2025 315.00 (0.05) (0.11) 0.61

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2016 16.51 16.51 4.47
Q2 2016 17.99 17.99 4.07
Q3 2016 10.59 10.59 2.30
Q4 2016 20.76 20.76 3.75
Q1 2017 25.78 25.78 3.15
Q2 2017 24.63 24.63 2.90
Q3 2017 59.10 59.10 3.02
Q4 2017 More than 100 More than 100 2.52
Q1 2018 NEG NEG 2.21
Q2 2018 NEG NEG 2.40
Q3 2018 NEG NEG 2.03
Q4 2018 NEG NEG 2.03
Q1 2019 NEG NEG 2.13
Q2 2019 NEG NEG 1.75
Q3 2019 NEG NEG 1.90
Q4 2019 NEG NEG 2.46
Q1 2020 NEG NEG 1.54
Q2 2020 NEG NEG 2.15
Q3 2020 NEG NEG 3.45
Q4 2020 NEG NEG 5.85
Q1 2021 NEG NEG 8.43
Q2 2021 NEG NEG 13.81
Q3 2021 NEG NEG 3.52
Q4 2021 NEG NEG 3.02
Q1 2022 NEG NEG 3.12
Q2 2022 NEG NEG 2.54
Q3 2022 NEG NEG 2.16
Q4 2022 NEG NEG 1.94
Q1 2023 NEG NEG 3.08
Q2 2023 NEG NEG 3.32
Q3 2023 NEG NEG 2.60
Q4 2023 NEG NEG 3.53
Q1 2024 NEG NEG 4.24
Q2 2024 NEG NEG 3.81
Q3 2024 NEG NEG 3.53
Q4 2024 More than 100 NEG 3.77
Q1 2025 NEG NEG 3.83

Business Segments (Million)

Compared With The
Period Hotels sector Recreational centers sector Other sectors Disposals
Q1 2016 179.29 108.87 9.65 -
Q2 2016 174.97 96.54 8.35 -
Q3 2016 170.76 157.25 8.88 -
Q4 2016 153.81 96.23 8.92 -
Q1 2017 145.66 103.18 9.48 -
Q2 2017 165.94 114.04 9.42 -
Q3 2017 160.63 144.94 10.51 -
Q4 2017 141.06 106.92 12.32 -
Q1 2018 149.34 108.02 13.64 -
Q2 2018 183.71 109.66 14.26 -
Q3 2018 172.72 127.08 15.72 -
Q4 2018 144.26 99.06 13.50 -
Q1 2019 142.46 100.10 18.18 -
Q2 2019 158.30 123.81 16.82 -
Q3 2019 160.17 124.82 16.87 -
Q4 2019 135.49 100.41 12.61 -
Q1 2020 134.54 83.01 13.50 -
Q2 2020 115.34 2.99 1.24 -
Q3 2020 64.04 39.19 10.01 -
Q4 2020 81.40 57.91 9.93 -
Q1 2021 81.98 50.31 8.71 -
Q2 2021 92.43 80.62 9.60 -
Q3 2021 99.51 82.15 9.36 -
Q4 2021 107.97 74.40 11.40 -
Q1 2022 97.20 65.90 9.29 -
Q2 2022 85.32 77.13 9.62 -
Q3 2022 79.73 88.05 8.72 -
Q4 2022 94.56 96.65 8.74 -
Q1 2023 96.70 59.33 7.81 -
Q2 2023 94.81 95.08 11.19 -
Q3 2023 89.62 113.69 10.07 -
Q4 2023 83.81 69.71 10.32 -
Q1 2024 91.59 58.67 7.92 -
Q2 2024 78.93 90.38 17.25 -
Q3 2024 67.94 80.34 12.87 -
Q4 2024 86.93 67.74 18.32 -
Q1 2025 83.12 61.69 21.73 -


Financial Ratios
Current
Market Cap (M Riyal) 585.90
Enterprise Value (EV) (M Riyal) 942.11
Shares Outstanding ((M)) 315.00
EPS ( Riyal) (TTM) (0.64)
Book Value (BV) ( Riyal) 0.01
Par Value ( Riyal) 1.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 209.92
Return on Average Assets (%) (TTM) (11.38 )
Return on Average Equity (%) (TTM) (192.72 )
EV/adj EBITDA 7.87
EV/Revenues 1.45
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Share Price

BAAN Holding Group Co.
1.87
0.01 0.54 %

BAAN Holding Group Co. (BAAN)

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