Al-Baha turns to SAR 3.5M profit in 2023; Q4 at SAR 1.8M

Al-Baha turns to SAR 3.5M profit in 2023; Q4 at SAR 1.8M

28/03/2024 Argaam Exclusive

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Al-Baha Investment and Development Co. swung to a net profit of SAR 3.5 million in 2023, from a net loss of SAR 8 million in the year-earlier period.



Financials (M)

Item 2022 2023 Change‬
Revenues 11.52 16.06 39.5 %
Gross Income 5.82 11.67 100.6 %
Operating Income (1.60) 10.79 772.8 %
Net Income (7.98) 3.50 143.8 %
Average Shares 2,970.00 2,182.95 (26.5 %)
EPS (Halala) (0.27) 0.16 159.6 %

The positive results were buoyed by a 39% rise year-on-year (YoY) in revenue, thanks to a 74% increase in occupancy rates at the group’s complexes.

 

Further, the positive impact of the investment deals that were sealed in 2022 also appeared.

 

Al-Baha also reported YoY declines of 23% and 73% in the cost of revenue and financing expenses, respectively.

 

The company recorded zero offering expenses in 2023, compared to SAR 3.99 million a year earlier. It also recorded an impairment reversal in investment properties at SAR 4.67 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 3.54 4.36 23.2 %
Gross Income 2.27 3.29 44.7 %
Operating Income (2.61) 5.46 309.0 %
Net Income (3.08) 1.79 158.0 %
Average Shares 2,970.00 2,182.95 (26.5 %)
EPS (Halala) (0.10) 0.08 179.0 %

Total shareholders’ equity, after minority interest, rose to SAR 214.87 million as of Dec. 31, 2023, from SAR 211.38 million a year earlier.

 

Accumulated losses reached SAR 82.1 million by the end of the 12-month period, accounting for 27.7% of the company’s capital.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - (1.11) 10.5 %
Q2 2014 - - - - (1.16) (8.9 %)
Q3 2014 - - - - (0.86) 18.4 %
Q4 2014 - - - - (0.88) 85.6 %
Q1 2015 0.41 - 0.15 - 0.04 103.4 %
Q2 2015 0.62 - 0.13 - 0.01 100.6 %
Q3 2015 1.63 - 0.10 - 0.01 100.6 %
Q4 2015 2.86 - 0.23 - 0.02 102.1 %
Q1 2016 1.68 308.5 % 0.13 (17.8 %) 0.01 (76.3 %)
Q2 2016 1.51 143.9 % 0.14 7.0 % 0.01 (14.3 %)
Q3 2016 2.88 77.1 % 0.18 81.4 % 0.01 20.0 %
Q4 2016 2.81 (2.0 %) 0.17 (26.0 %) (0.15) (894.7 %)
Q1 2017 2.21 31.4 % 0.15 17.6 % 0.01 (33.3 %)
Q2 2017 0.57 (62.1 %) 0.57 314.5 % (0.31) (5216.7 %)
Q3 2017 0.36 (87.6 %) 0.36 103.4 % (0.24) (4083.3 %)
Q4 2017 4.23 50.8 % 1.61 843.9 % 0.28 288.1 %
Q1 2018 3.01 36.2 % 1.39 845.6 % 0.75 12366.7 %
Q2 2018 2.87 401.9 % 1.56 173.4 % 0.86 380.1 %
Q3 2018 2.29 540.8 % 1.04 190.5 % 0.38 259.4 %
Q4 2018 1.50 (64.5 %) 0.80 (50.3 %) 0.24 (15.5 %)
Q1 2019 2.40 (20.3 %) 1.33 (4.5 %) 0.58 (22.3 %)
Q2 2019 2.45 (14.6 %) 1.40 (10.4 %) 0.58 (32.6 %)
Q3 2019 2.84 23.9 % 1.73 66.0 % 0.85 121.8 %
Q4 2019 2.74 82.4 % 1.22 52.6 % 0.21 (10.8 %)
Q1 2020 2.76 14.8 % 1.67 25.8 % 0.94 61.6 %
Q2 2020 2.89 17.9 % 1.86 32.8 % 1.12 93.1 %
Q3 2020 2.62 (7.9 %) 1.51 (12.3 %) 0.68 (19.1 %)
Q4 2020 2.91 6.2 % 1.27 3.5 % (3.49) (1731.8 %)
Q1 2021 2.54 (7.8 %) 1.32 (20.9 %) (0.55) (159.0 %)
Q2 2021 2.81 (3.0 %) 1.58 (15.2 %) (0.93) (183.2 %)
Q3 2021 2.59 (1.1 %) 1.27 (16.2 %) (0.11) (115.4 %)
Q4 2021 3.47 19.4 % 2.21 74.0 % (5.88) (68.3 %)
Q1 2022 2.55 0.5 % 1.08 (18.1 %) 0.40 172.4 %
Q2 2022 2.62 (6.6 %) 1.17 (26.1 %) 0.41 143.7 %
Q3 2022 2.80 8.3 % 1.30 2.3 % 0.20 291.4 %
Q4 2022 3.54 2.0 % 2.27 3.1 % (2.61) 55.5 %
Q1 2023 3.45 35.0 % 2.34 116.6 % 1.35 235.8 %
Q2 2023 3.62 38.3 % 2.55 118.2 % 1.63 301.2 %
Q3 2023 4.63 65.2 % 3.49 169.2 % 2.35 1069.9 %
Q4 2023 4.36 23.2 % 3.29 44.7 % 5.46 309.0 %
2023 16.06 39.5 % 11.67 100.6 % 10.79 772.8 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 (1.11) 98.4 % (0.04) - (1.11) 0.00
Q2 2014 (1.16) (8.9 %) (0.05) - (1.16) 0.00
Q3 2014 (0.95) 33.4 % (0.04) - (0.95) 0.00
Q4 2014 (0.88) 84.9 % (0.04) - (0.88) 0.00
Q1 2015 0.04 103.4 % 0.00 - 0.04 0.00
Q2 2015 0.01 100.6 % 0.00 - 0.01 0.00
Q3 2015 0.01 100.5 % 0.00 - 0.01 0.00
Q4 2015 0.02 101.9 % 0.00 - 0.02 0.00
Q1 2016 0.01 (76.3 %) 0.00 - 0.01 0.00
Q2 2016 0.01 (14.3 %) 0.00 - 0.01 0.00
Q3 2016 0.01 20.0 % 0.00 - 0.01 0.00
Q4 2016 (0.15) (994.1 %) (0.01) - (0.15) 0.00
Q1 2017 0.01 (33.3 %) 0.00 - 0.01 0.00
Q2 2017 (0.33) (5550.0 %) (0.01) (2.12) 1.79 0.00
Q3 2017 (0.26) (4416.7 %) (0.01) - (0.26) 0.00
Q4 2017 4.57 3105.3 % 0.16 2.12 2.45 0.00
Q1 2018 0.61 10000.0 % 0.02 - 0.61 0.00
Q2 2018 (12.19) (3,627.8 %) (0.41) (12.29) 0.10 0.00
Q3 2018 0.28 206.6 % 0.01 - 0.28 0.00
Q4 2018 (0.02) (100.4 %) 0.00 - (0.02) 0.00
Q1 2019 (0.69) (213.4 %) (0.02) - (0.69) 0.00
Q2 2019 0.09 100.7 % 0.00 - 0.09 0.00
Q3 2019 0.13 (54.3 %) 0.00 - 0.13 0.00
Q4 2019 (4.86) (26,877.8 %) (0.16) (3.65) (1.20) 0.00
Q1 2020 0.27 139.4 % 0.01 - 0.27 0.00
Q2 2020 0.31 238.5 % 0.01 - 0.31 0.00
Q3 2020 0.11 (16.7 %) 0.00 - 0.11 0.00
Q4 2020 (29.28) (502.9 %) (0.99) (22.58) (6.70) 0.00
Q1 2021 (0.95) (451.3 %) (0.03) - (0.95) 0.00
Q2 2021 (0.66) (315.3 %) (0.02) - (0.66) 0.00
Q3 2021 (0.82) (880.0 %) (0.03) - (0.82) 0.00
Q4 2021 (5.91) 79.8 % (0.20) - (5.91) 0.00
Q1 2022 (4.10) (330.4 %) (0.14) (4.00) (0.10) 0.00
Q2 2022 (0.20) 70.6 % (0.01) - (0.20) 0.00
Q3 2022 (0.60) 26.5 % (0.02) - (0.60) 0.00
Q4 2022 (3.08) 47.9 % (0.10) 1.44 (4.52) 0.00
Q1 2023 0.16 103.9 % 0.01 - 0.16 0.00
Q2 2023 0.19 196.9 % 0.01 - 0.19 0.00
Q3 2023 1.36 325.9 % 0.06 - 1.36 0.00
Q4 2023 1.79 158.0 % 0.08 - 1.79 0.00
2023 3.50 143.8 % 0.16 - 3.50 0.00

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 36.89 % (312.14 %) (717.23 %)
Q2 2015 27.26 % (62.37 %) (173.33 %)
Q3 2015 14.22 % (11.62 %) (31.37 %)
Q4 2015 11.03 % 1.25 % 1.21 %
Q1 2016 8.57 % 0.59 % 0.56 %
Q2 2016 7.69 % 0.51 % 0.48 %
Q3 2016 7.50 % 0.45 % 0.43 %
Q4 2016 6.87 % (1.46 %) (1.48 %)
Q1 2017 6.72 % (1.41 %) (1.42 %)
Q2 2017 12.58 % 0.32 % 19.45 %
Q3 2017 20.99 % 3.30 % 23.26 %
Q4 2017 36.50 % 11.73 % 54.10 %
Q1 2018 48.13 % 22.42 % 56.14 %
Q2 2018 47.04 % 26.27 % 27.71 %
Q3 2018 45.20 % 25.64 % 27.70 %
Q4 2018 49.55 % 32.34 % 9.98 %
Q1 2019 52.20 % 43.69 % (3.61 %)
Q2 2019 52.84 % 54.86 % (3.91 %)
Q3 2019 57.15 % 68.57 % (5.31 %)
Q4 2019 54.42 % 70.70 % (16.03 %)
Q1 2020 55.80 % 70.86 % (6.63 %)
Q2 2020 57.71 % 71.52 % (4.43 %)
Q3 2020 56.97 % 69.81 % (4.72 %)
Q4 2020 56.48 % 326.09 % (53.82 %)
Q1 2021 54.41 % 318.89 % (66.04 %)
Q2 2021 52.25 % 302.58 % (75.50 %)
Q3 2021 50.14 % 297.00 % (84.23 %)
Q4 2021 55.89 % (23.93 %) (73.15 %)
Q1 2022 53.73 % (14.10 %) (65.62 %)
Q2 2022 50.95 % (0.93 %) (62.54 %)
Q3 2022 50.25 % 2.45 % (59.47 %)
Q4 2022 50.54 % 30.20 % (47.04 %)
Q1 2023 57.07 % 32.38 % (41.55 %)
Q2 2023 63.09 % 36.10 % (35.59 %)
Q3 2023 69.93 % 43.48 % (18.45 %)
Q4 2023 72.68 % 89.95 % 21.77 %
2023 72.67 % 89.95 % 21.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Halala) Adjusted EPS (Halala) Book Value (BV)
Q1 2014 2,511.87 (0.38) (0.38) 0.00
Q2 2014 2,511.87 (0.38) (0.38) 0.00
Q3 2014 2,511.87 (0.36) (0.36) 0.00
Q4 2014 2,511.87 (0.16) (0.16) 0.00
Q1 2015 2,511.87 (0.12) (0.12) 0.00
Q2 2015 2,511.87 (0.07) (0.07) 0.00
Q3 2015 2,511.87 (0.03) (0.03) 0.00
Q4 2015 2,511.87 0.00 0.00 0.00
Q1 2016 2,511.87 0.00 0.00 0.00
Q2 2016 2,511.87 0.00 0.00 0.00
Q3 2016 2,511.87 0.00 0.00 0.00
Q4 2016 2,511.87 (0.01) (0.01) 0.00
Q1 2017 2,850.97 0.00 0.00 0.00
Q2 2017 2,850.97 (0.02) 0.06 0.05
Q3 2017 2,850.97 (0.03) 0.05 0.05
Q4 2017 2,850.97 0.14 0.14 0.05
Q1 2018 2,964.00 0.15 0.15 0.05
Q2 2018 2,964.00 (0.25) 0.10 0.05
Q3 2018 2,964.00 (0.23) 0.12 0.05
Q4 2018 2,964.00 (0.38) 0.03 0.05
Q1 2019 2,964.00 (0.43) (0.01) 0.05
Q2 2019 2,964.00 (0.01) (0.01) 0.05
Q3 2019 2,964.00 (0.02) (0.02) 0.05
Q4 2019 2,964.00 (0.18) (0.06) 0.05
Q1 2020 2,964.00 (0.15) (0.02) 0.05
Q2 2020 2,964.00 (0.14) (0.02) 0.05
Q3 2020 2,964.00 (0.14) (0.02) 0.05
Q4 2020 2,964.00 (0.96) (0.20) 0.04
Q1 2021 2,964.00 (1.01) (0.24) 0.04
Q2 2021 2,964.00 (1.04) (0.28) 0.04
Q3 2021 2,964.00 (1.07) (0.31) 0.04
Q4 2021 2,964.00 (0.28) (0.28) 0.03
Q1 2022 2,970.00 (0.39) (0.25) 0.07
Q2 2022 2,970.00 (0.37) (0.24) 0.07
Q3 2022 2,970.00 (0.36) (0.23) 0.07
Q4 2022 2,970.00 (0.27) (0.18) 0.07
Q1 2023 2,182.95 (0.17) (0.24) 0.10
Q2 2023 2,182.95 (0.15) (0.22) 0.10
Q3 2023 2,182.95 (0.06) (0.13) 0.10
Q4 2023 2,182.95 0.16 0.16 0.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 NEG NEG 70.42
Q2 2014 NEG NEG 84.79
Q3 2014 NEG NEG 101.79
Q4 2014 NEG NEG 124.78
Q1 2015 NEG NEG 123.56
Q2 2015 NEG NEG 123.41
Q3 2015 NEG NEG 123.19
Q4 2015 More than 100 More than 100 122.62
Q1 2016 More than 100 More than 100 122.34
Q2 2016 More than 100 More than 100 122.15
Q3 2016 More than 100 More than 100 121.97
Q4 2016 NEG NEG 121.75
Q1 2017 NEG NEG 121.57
Q2 2017 NEG More than 100 2.74
Q3 2017 NEG More than 100 4.13
Q4 2017 More than 100 More than 100 3.34
Q1 2018 99.49 99.49 2.97
Q2 2018 NEG More than 100 3.11
Q3 2018 NEG 94.00 2.28
Q4 2018 NEG More than 100 3.59
Q1 2019 NEG NEG 3.26
Q2 2019 NEG NEG 3.01
Q3 2019 NEG NEG 2.53
Q4 2019 NEG NEG 2.72
Q1 2020 NEG NEG 2.12
Q2 2020 NEG NEG 2.23
Q3 2020 NEG NEG 5.48
Q4 2020 NEG NEG 7.81
Q1 2021 NEG NEG 8.16
Q2 2021 NEG NEG 8.17
Q3 2021 NEG NEG 8.16
Q4 2021 NEG NEG 7.64
Q1 2022 NEG NEG 2.66
Q2 2022 NEG NEG 2.22
Q3 2022 NEG NEG 2.07
Q4 2022 NEG NEG 1.63
Q1 2023 NEG NEG 1.85
Q2 2023 NEG NEG 2.80
Q3 2023 NEG NEG 2.11
Q4 2023 More than 100 More than 100 1.96

Business Segments (Million)

Compared With The
Period Rents The main center
Q1 2019 2.40 -
Q2 2019 2.45 -
Q3 2019 2.84 -
Q4 2019 2.74 -
Q1 2020 2.76 -
Q2 2020 2.89 -
Q3 2020 2.62 -
Q4 2020 2.91 -
Q1 2021 2.54 -
Q2 2021 2.80 -
Q3 2021 2.59 -
Q4 2021 3.47 -
Q1 2022 2.55 -
Q2 2022 2.33 0.29
Q3 2022 2.80 -
Q1 2023 3.45 -


Financial Ratios
Current
Market Cap (M Riyal) 960.50
Enterprise Value (EV) (M) 967.12
Shares Outstanding ((M)) 2,182.95
EPS (Halala) (TTM) 0.16
Book Value (BV) ( Riyal) 0.10
Par Value ( Halala) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 4.43
Return on Average Assets (%) (TTM) 1.3
Return on Average Equity (%) (TTM) 1.7
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Share Price

Al-Baha Investment and Development Co.
0.44
0.01 3.23 %

Al-Baha Investment and Development Co. (ALBAHA)

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