Al-Baha reports SR 605K losses in Q3, down 28%‎

Al-Baha Investment and Development Co. recorded a net loss after zakat and tax of 605 thousand riyals during the third quarter, compared to a loss of 845 thousand riyals in the same quarter of last year, a decrease of 28%. This came after the announcement today of the preliminary financial results for the period ending in September 30, 2022 (nine months).

The operating profit amounted to 201 thousand riyals in the third quarter, compared to a loss of 105 thousand riyals in the same quarter of the previous year.

The net loss after zakat and tax in the 9-month period amounted to 5 million riyals, compared to a loss of 3 million riyals in the same period last year, an increase of 94%.

Earnings per share in the current period reached 0.19 riyals, compared to 0.14 riyals in the same period last year.

The reason for the net loss during the current quarter amounting to 601,549 Saudi riyals and its decrease compared to the same quarter of the previous year by 819,461 Saudi riyals is due to the following reasons:

A decrease in the recording of expected credit losses during the current quarter compared to the same quarter of the previous year.

The reason for the increase in net loss during the current quarter compared to the previous quarter is due to the non-recording of other revenues 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.

Additional Information:

The company would like to clarify to the shareholders that the accumulated losses as on September 30, 2022 amounted to 82,538,204 Saudi riyals, which is equivalent to 27.79% of the company’s current capital of 297,000,000 Saudi riyals,

The loss per share during the current period (nine months) for this year 2022 was calculated on the basis of the parent company’s share of a net loss of (-4,894155,606) riyals (after excluding the minority interest).