Al-Baha makes SAR 1.7 mln profit in 9M 2023, SAR 1.4 mln in Q3

Al-Baha makes SAR 1.7 mln profit in 9M 2023, SAR 1.4 mln in Q3

29/10/2023 Argaam Exclusive

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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. 



Financials (M)

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.

 


Current Quarter Comparison (M)

Compared With The
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 %

Shareholders’ equity, after minority interest, reached SAR 213.08 million as of Sept. 30, 2023, compared to SAR 214.46 million a year earlier.  

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Halala)
Q1 2014 - - - - (1.11) 98.4 % (0.04)
Q2 2014 - - - - (1.16) (8.9 %) (0.05)
Q3 2014 - - - - (0.95) 33.4 % (0.04)
Q4 2014 - - - - (0.88) 84.9 % (0.04)
Q1 2015 0.41 - 0.15 - 0.04 103.4 % 0.00
Q2 2015 0.62 - 0.13 - 0.01 100.6 % 0.00
Q3 2015 1.63 - 0.10 - 0.01 100.5 % 0.00
Q4 2015 2.86 - 0.23 - 0.02 101.9 % 0.00
Q1 2016 1.68 308.5 % 0.13 (17.8 %) 0.01 (76.3 %) 0.00
Q2 2016 1.51 143.9 % 0.14 7.0 % 0.01 (14.3 %) 0.00
Q3 2016 2.88 77.1 % 0.18 81.4 % 0.01 20.0 % 0.00
Q4 2016 2.81 (2.0 %) 0.17 (26.0 %) (0.15) (994.1 %) (0.01)
Q1 2017 2.21 31.4 % 0.15 17.6 % 0.01 (33.3 %) 0.00
Q2 2017 0.57 (62.1 %) 0.57 314.5 % (0.33) (5550.0 %) (0.01)
Q3 2017 0.36 (87.6 %) 0.36 103.4 % (0.26) (4416.7 %) (0.01)
Q4 2017 4.23 50.8 % 1.61 843.9 % 4.57 3105.3 % 0.16
Q1 2018 3.01 36.2 % 1.39 845.6 % 0.61 10000.0 % 0.02
Q2 2018 2.87 401.9 % 1.56 173.4 % (12.19) (3,627.8 %) (0.41)
Q3 2018 2.29 540.8 % 1.04 190.5 % 0.28 206.6 % 0.01
Q4 2018 1.50 (64.5 %) 0.80 (50.3 %) (0.02) (100.4 %) 0.00
Q1 2019 2.40 (20.3 %) 1.33 (4.5 %) (0.69) (213.4 %) (0.02)
Q2 2019 2.45 (14.6 %) 1.40 (10.4 %) 0.09 100.7 % 0.00
Q3 2019 2.84 23.9 % 1.73 66.0 % 0.13 (54.3 %) 0.00
Q4 2019 2.74 82.4 % 1.22 52.6 % (4.86) (26,877.8 %) (0.16)
Q1 2020 2.76 14.8 % 1.67 25.8 % 0.27 139.4 % 0.01
Q2 2020 2.89 17.9 % 1.86 32.8 % 0.31 238.5 % 0.01
Q3 2020 2.62 (7.9 %) 1.51 (12.3 %) 0.11 (16.7 %) 0.00
Q4 2020 2.91 6.2 % 1.27 3.5 % (29.28) (502.9 %) (0.99)
Q1 2021 2.54 (7.8 %) 1.32 (20.9 %) (0.95) (451.3 %) (0.03)
Q2 2021 2.81 (3.0 %) 1.58 (15.2 %) (0.66) (315.3 %) (0.02)
Q3 2021 2.59 (1.1 %) 1.27 (16.2 %) (0.82) (880.0 %) (0.03)
Q4 2021 3.47 19.4 % 2.21 74.0 % (5.91) 79.8 % (0.20)
Q1 2022 2.55 0.5 % 1.08 (18.1 %) (4.10) (330.4 %) (0.14)
Q2 2022 2.62 (6.6 %) 1.17 (26.1 %) (0.20) 70.6 % (0.01)
Q3 2022 2.80 8.3 % 1.30 2.3 % (0.60) 26.5 % (0.02)
Q4 2022 3.54 2.0 % 2.27 3.1 % (3.08) 47.9 % (0.10)
Q1 2023 3.45 35.0 % 2.34 116.6 % 0.16 103.9 % 0.01
Q2 2023 3.62 38.3 % 2.55 118.2 % 0.19 196.9 % 0.01
Q3 2023 4.63 65.2 % 3.49 169.2 % 1.36 325.9 % 0.05

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 % 36.11 % (35.58 %)
Q3 2023 69.93 % 43.48 % (18.44 %)


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 2,970.00 (0.13) (0.17) 0.07
Q2 2023 2,970.00 (0.11) (0.16) 0.07
Q3 2023 2,970.00 (0.05) (0.09) 0.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 NEG NEG 69.68
Q2 2014 NEG NEG 83.89
Q3 2014 NEG NEG 100.72
Q4 2014 NEG NEG 123.46
Q1 2015 NEG NEG 122.26
Q2 2015 NEG NEG 122.10
Q3 2015 NEG NEG 121.88
Q4 2015 More than 100 More than 100 121.32
Q1 2016 More than 100 More than 100 121.05
Q2 2016 More than 100 More than 100 120.86
Q3 2016 More than 100 More than 100 120.68
Q4 2016 NEG NEG 120.47
Q1 2017 NEG NEG 120.28
Q2 2017 NEG More than 100 2.71
Q3 2017 NEG More than 100 4.08
Q4 2017 More than 100 More than 100 3.31
Q1 2018 98.46 98.46 2.94
Q2 2018 NEG More than 100 3.07
Q3 2018 NEG 92.98 2.26
Q4 2018 NEG More than 100 3.56
Q1 2019 NEG NEG 3.22
Q2 2019 NEG NEG 2.98
Q3 2019 NEG NEG 2.50
Q4 2019 NEG NEG 2.69
Q1 2020 NEG NEG 2.10
Q2 2020 NEG NEG 2.20
Q3 2020 NEG NEG 5.42
Q4 2020 NEG NEG 7.72
Q1 2021 NEG NEG 8.07
Q2 2021 NEG NEG 8.08
Q3 2021 NEG NEG 8.07
Q4 2021 NEG NEG 7.56
Q1 2022 NEG NEG 2.63
Q2 2022 NEG NEG 2.20
Q3 2022 NEG NEG 2.04
Q4 2022 NEG NEG 1.62
Q1 2023 NEG NEG 1.83
Q2 2023 NEG NEG 2.77
Q3 2023 NEG NEG 2.09

Business Segments (Million)

Compared With The
Period Rents Other unallocated amounts
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) 386.10
Enterprise Value (EV) (M) 393.90
Shares Outstanding ((M)) 2,970.00
EPS (Halala) (TTM) 0.10
Book Value (BV) ( Riyal) 0.07
Par Value ( Halala) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 1.80
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 1.4
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Share Price

Al-Baha Investment and Development Co.
0.12
0.00 0.00 %

Al-Baha Investment and Development Co. (ALBAHA)

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