Al-Baha turns to SAR 62,100 net loss in Q1 2024

19/05/2024 Argaam Exclusive

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Al-Baha Investment and Development Co. swung to a net loss of SAR 62,100 for Q1 2024, versus a net profit of SAR 327,000 in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	3.45	4.45	29.1 %
Gross Income	2.34	3.32	41.7 %
Operating Income	1.35	1.79	32.6 %
Net Income	0.16	(0.32)	(299.4 %)
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.01	(0.01)	(299.4 %)

Item	Q4 2023	Q1 2024	Change‬
Revenues	4.36	4.45	2.0 %
Gross Income	3.29	3.32	0.9 %
Operating Income	5.46	1.79	(67.3 %)
Net Income	1.79	(0.32)	(117.7 %)
Average Shares	2,970.00	2,970.00	-
EPS (Halala)	0.06	(0.01)	(117.7 %)

The losses were attributed to a 204% surge year-on-year (YoY) in credit loss provisions and a 171% increase in Zakat provisions to SAR 1.8 million.

On a quarterly basis, the company turned to a net loss from a net profit of SAR 2.51 million in Q4 2023.

Shareholders’ equity, excluding minority interest, reached SAR 214.55 million by March 31, 2024, compared to SAR 211.53 million in the prior-year period.

Accumulated losses reached SAR 82.44 million by March 31, 2024, accounting for 27.76% of the company’s capital.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Halala)
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
2015	5.52	-	0.61	-	0.07	101.6 %	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)
2016	8.88	60.8 %	0.61	0.2 %	0.03	(58.2 %)	0.00
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
2017	7.37	(17.0 %)	2.69	341.1 %	3.99	14139.3 %	0.14
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
2018	9.68	31.3 %	4.80	78.3 %	(11.33)	(384.0 %)	(0.38)
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)
2019	10.44	7.8 %	5.68	18.4 %	(5.33)	53.0 %	(0.18)
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)
2020	11.18	7.1 %	6.31	11.1 %	(28.59)	(436.9 %)	(0.96)
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)
2021	11.41	2.1 %	6.37	1.0 %	(8.34)	70.8 %	(0.28)
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)
2022	11.52	1.0 %	5.82	(8.7 %)	(7.98)	4.4 %	(0.27)
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
Q4 2023	4.36	23.2 %	3.29	44.7 %	1.79	158.1 %	0.06
2023	16.06	39.5 %	11.67	100.6 %	3.50	143.8 %	0.12
Q1 2024	4.45	29.1 %	3.32	41.7 %	(0.32)	(299.4 %)	(0.01)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Halala)
2014	-	-	-	-	(4.10)	94.8 %	(0.16)
2015	5.52	-	0.61	-	0.07	101.6 %	0.00
2016	8.88	60.8 %	0.61	0.2 %	0.03	(58.2 %)	0.00
2017	7.37	(17.0 %)	2.69	341.1 %	3.99	14139.3 %	0.14
2018	9.68	31.3 %	4.80	78.3 %	(11.33)	(384.0 %)	(0.38)
2019	10.44	7.8 %	5.68	18.4 %	(5.33)	53.0 %	(0.18)
2020	11.18	7.1 %	6.31	11.1 %	(28.59)	(436.9 %)	(0.96)
2021	11.41	2.1 %	6.37	1.0 %	(8.34)	70.8 %	(0.28)
2022	11.52	1.0 %	5.82	(8.7 %)	(7.98)	4.4 %	(0.27)
2023	16.06	39.5 %	11.67	100.6 %	3.50	143.8 %	0.12

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %)
2016	6.87 %	0.33 %	0.32 %
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 %
2017	36.50 %	11.73 %	25.39 %
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 %
2018	49.56 %	32.35 %	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 %)
2019	54.43 %	70.69 %	(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 %)
2020	56.48 %	326.09 %	(53.81 %)
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 %)
2021	55.88 %	(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 %)
2022	50.53 %	30.20 %	(47.03 %)
Q1 2023	57.07 %	32.38 %	(41.55 %)
Q2 2023	63.09 %	36.11 %	(35.58 %)
Q3 2023	69.93 %	43.48 %	(18.44 %)
Q4 2023	72.68 %	89.96 %	21.77 %
2023	72.67 %	89.95 %	21.77 %
Q1 2024	74.13 %	87.44 %	17.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	11.03 %	1.25 %	1.21 %
2016	6.87 %	0.33 %	0.32 %
2017	36.50 %	11.73 %	25.39 %
2018	49.56 %	32.35 %	9.98 %
2019	54.43 %	70.69 %	(16.03 %)
2020	56.48 %	326.09 %	(53.81 %)
2021	55.88 %	(23.93 %)	(73.15 %)
2022	50.53 %	30.20 %	(47.03 %)
2023	72.67 %	89.95 %	21.77 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	36.89 %	9.22 %	9.22 %
Q2 2015	20.84 %	1.13 %	1.13 %
Q3 2015	5.96 %	0.31 %	0.31 %
Q4 2015	8.07 %	0.66 %	0.59 %
Q1 2016	7.43 %	0.53 %	0.53 %
Q2 2016	9.14 %	0.40 %	0.40 %
Q3 2016	6.10 %	0.21 %	0.21 %
Q4 2016	6.10 %	(5.38 %)	(5.42 %)
Q1 2017	6.65 %	0.27 %	0.27 %
Q2 2017	100.00 %	29.02 %	312.59 %
Q3 2017	100.00 %	48.88 %	(72.35 %)
Q4 2017	38.15 %	12.24 %	57.98 %
Q1 2018	46.15 %	32.30 %	20.12 %
Q2 2018	54.48 %	37.79 %	3.55 %
Q3 2018	45.34 %	26.42 %	12.03 %
Q4 2018	53.40 %	31.03 %	(1.20 %)
Q1 2019	55.29 %	75.15 %	(28.60 %)
Q2 2019	57.14 %	76.18 %	3.71 %
Q3 2019	60.73 %	76.28 %	4.43 %
Q4 2019	44.69 %	56.12 %	(43.92 %)
Q1 2020	60.57 %	75.19 %	9.83 %
Q2 2020	64.35 %	77.94 %	10.65 %
Q3 2020	57.85 %	69.51 %	4.01 %
Q4 2020	43.55 %	1,041.39 %	(230.25 %)
Q1 2021	51.99 %	22.83 %	(37.47 %)
Q2 2021	56.29 %	7.27 %	(23.64 %)
Q3 2021	49.05 %	43.41 %	(31.66 %)
Q4 2021	63.51 %	(133.53 %)	(170.19 %)
Q1 2022	42.36 %	66.52 %	(3.99 %)
Q2 2022	44.56 %	65.25 %	(7.45 %)
Q3 2022	46.32 %	53.85 %	(21.48 %)
Q4 2022	64.20 %	(40.63 %)	(127.58 %)
Q1 2023	67.98 %	64.97 %	4.61 %
Q2 2023	70.31 %	69.95 %	5.22 %
Q3 2023	75.48 %	71.12 %	29.38 %
Q4 2023	75.39 %	146.29 %	40.99 %
Q1 2024	74.60 %	60.94 %	(7.12 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
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
Q4 2023	2,970.00	0.12	0.12	0.07
Q1 2024	2,970.00	0.10	0.10	0.07

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2014	2,511.87	(0.16)	(0.16)	0.00
2015	2,511.87	0.00	0.00	0.00
2016	2,511.87	0.00	0.00	0.00
2017	2,850.97	0.14	0.07	0.05
2018	2,964.00	(0.38)	0.03	0.05
2019	2,964.00	(0.18)	(0.06)	0.05
2020	2,964.00	(0.96)	(0.20)	0.04
2021	2,964.00	(0.28)	(0.28)	0.03
2022	2,970.00	(0.27)	(0.18)	0.07
2023	2,970.00	0.12	0.12	0.07

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2023	More than 100	More than 100	1.94
Q1 2024	More than 100	More than 100	1.94

Period	P/E	Adjusted P/E	Price/book
2014	NEG	NEG	123.46
2015	More than 100	More than 100	121.32
2016	More than 100	More than 100	120.47
2017	More than 100	More than 100	3.31
2018	NEG	More than 100	3.56
2019	NEG	NEG	2.69
2020	NEG	NEG	7.72
2021	NEG	NEG	7.56
2022	NEG	NEG	1.62
2023	More than 100	More than 100	1.94

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	-

Period	Rents	Other unallocated amounts
2018	9.68	-
2019	10.44	-
2020	11.18	-
2021	11.41	-
2022	11.52	-
2023	16.06	-

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

Al-Baha Investment and Development Co. (ALBAHA)

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Al-Baha turns to SAR 62,100 net loss in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Al-Baha Investment and Development Co. (ALBAHA)

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Al-Baha turns to SAR 62,100 net loss in Q1 2024

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2024 Q1

Financial Ratios

Share Price

Al-Baha Investment and Development Co. (ALBAHA)

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Business Segments (Million)