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

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) (299.6 %)
Average Shares 2,182.95 2,182.95 -
EPS (Halala) 0.01 (0.01) (299.6 %)

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 Operating Income Change
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 %
Q1 2024 4.45 29.1 % 3.32 41.7 % 1.79 32.6 %


Profit Performance (Million)

Period Net Income Change EPS(Halala) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2024 (0.32) (299.6 %) (0.01) - (0.32) 0.00

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 %
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 %
Q1 2024 74.13 % 87.43 % 17.70 %


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 2,182.95 (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
Q1 2024 2,182.95 0.14 0.14 0.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 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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