Al Baha Records Losses of SR153 thousand during 2Q, decline by 76%

Al Baha Investment and Development Company recorded losses after zakat and tax of SR153 thousand during the 2Q, compared to losses of SR636 thousand in the same quarter of last year, a decline of 76%.

This came after announcing on Monday the preliminary financial results for the period ending on 30.06.2022 (six months).

The operational profit amounted to SR954 thousand in the second quarter, compared to SR1.5 thousand in the same quarter of the previous year, an increase of 64096%.

The gross income in the second quarter amounted to SR1.16 million, compared to SR1.57 million in the same quarter of last year, a decrease of 26%.

The net loss amounted to SR4.2 million during the current period, compared to a loss of SR1.6 million in the same period last year, an increase of 158%.

The loss per share in the current period was SR0.18, compared to a loss of SR0.09 in the same period last year.

The reason for the net loss during the current quarter amounting to SR152,612 and its decrease compared to the same quarter of the previous year by SR635,626 is due to the following reasons:

No expected credit losses were recorded during the current quarter compared to the same quarter of the previous year.

The reason for the decrease in net loss during the current quarter compared to the previous quarter is due to the non-recording of underwriting expenses during the current quarter.

The reason for the increase in net losses during the current period compared to the same period of the previous year is due to the recording of non-recurring expenses related to the company’s capital increase file expenses, in addition to the increase in financing costs.

The company would like to clarify to the shareholders that the accumulated losses as on June 30, 2022 amounted to SR81,936,655, which is equivalent to 27.59% of the company’s current capital of SR297,000,000.

The loss per share was calculated during the current period (six months) for this year 2022 on the basis of the parent company’s share of a net loss of (-SR4,292,606) (after excluding the minority interest).