Al-Baha Investment and Development Co. swung to a net profit of SAR 347,900 in H1 2023, from a SAR 4.3 million loss a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 5.17 | 7.07 | 36.7 % |
| Gross Income | 2.25 | 4.89 | 117.4 % |
| Operating Income | 0.81 | 2.98 | 268.7 % |
| Net Income | (4.29) | 0.35 | 108.1 % |
| Average Shares | 2,970.00 | 2,970.00 | - |
| EPS (Halala) | (0.14) | 0.01 | 108.1 % |
The company attributed the improved results to a 36% year-on-year (YoY) increase in revenues, a 25% decline in the cost of revenues, and a 59% drop in finance costs.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 2.62 | 3.62 | 38.3 % |
| Gross Income | 1.17 | 2.55 | 118.2 % |
| Operating Income | 0.41 | 1.63 | 301.2 % |
| Net Income | (0.20) | 0.19 | 196.9 % |
| Average Shares | 2,970.00 | 2,970.00 | - |
| EPS (Halala) | (0.01) | 0.01 | 196.9 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 3.45 | 3.62 | 5.0 % |
| Gross Income | 2.34 | 2.55 | 8.6 % |
| Operating Income | 1.35 | 1.63 | 21.2 % |
| Net Income | 0.16 | 0.19 | 18.9 % |
| Average Shares | 2,970.00 | 2,970.00 | - |
| EPS (Halala) | 0.01 | 0.01 | 18.9 % |
In Q2 2023, the company turned to a net profit of SAR 189,000 from a loss of SAR 200,000 in Q2 2022, mainly due to higher revenues and lower costs of revenues.
Compared to the previous quarter, the company's Q2 2023 earnings rose 18.8% from SAR 160,000.
Shareholders’ equity, after minority interest, fell to SAR 211.72 million as of June 30, 2023, from SAR 215.06 million in the year-earlier period.
Accumulated losses stood at SAR 85.27 million by the end of H1 2023, accounting for 28.71% of the company’s capital.
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