Al-Baha Investment and Development Co. swung to a net profit of SAR 1.7 million in the first nine months of 2023, against a net loss of SAR 4.9 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 7.98 | 11.70 | 46.7 % |
| Gross Income | 3.55 | 8.38 | 136.4 % |
| Operating Income | 1.01 | 5.33 | 428.9 % |
| Net Income | (4.89) | 1.71 | 134.9 % |
| Average Shares | 2,970.00 | 2,970.00 | - |
| EPS (Halala) | (0.16) | 0.06 | 134.9 % |
The company reported a 46% jump year-on-year (YoY) in revenues, while the cost of goods sold and finance costs dropped by 25% and 63% YoY, respectively.
In Q3 2023, the company turned to a net profit of SAR 1.4 million from a net loss of SAR 600,000 in the prior-year period, as revenue increased by 65.19% YoY and the cost of revenue declined by 24.56% YoY.
On a sequential basis, Al-Baha’s bottom line skyrocketed from SAR 190,000 in Q2 2023.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 2.80 | 4.63 | 65.2 % |
| Gross Income | 1.30 | 3.49 | 169.2 % |
| Operating Income | 0.20 | 2.35 | 1069.7 % |
| Net Income | (0.60) | 1.36 | 325.9 % |
| Average Shares | 2,970.00 | 2,970.00 | - |
| EPS (Halala) | (0.02) | 0.05 | 325.9 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 3.62 | 4.63 | 27.8 % |
| Gross Income | 2.55 | 3.49 | 37.2 % |
| Operating Income | 1.63 | 2.35 | 44.0 % |
| Net Income | 0.19 | 1.36 | 619.6 % |
| Average Shares | 2,970.00 | 2,970.00 | - |
| EPS (Halala) | 0.01 | 0.05 | 619.6 % |
Shareholders’ equity, after minority interest, reached SAR 213.08 million as of Sept. 30, 2023, compared to SAR 214.46 million a year earlier.
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