Al-Baha Investment and Development Co. narrowed net losses after Zakat and tax to SAR 8.3 million in 2021, from SAR 28.6 million a year earlier.
The decreased losses were attributed to failure to record provisions to offset losses from the exchange of assets with Al Sata'a Modern Contracting Company Ltd., at a total value of SAR 17.2 million.
The company also reported no impairment losses, higher other income by SAR 1.19 million, reduced expected credit loss and a drop in the estimated Zakat provision versus last year.
This was despite the recording of a decrease in the value of the investment properties of the subsidiary company, amounting to SAR 7.05 million, due to the COVID-19 repercussions and its direct impact on the real estate and leasing sector.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 11.18 | 11.41 | 2.1 % |
| Gross Income | 6.31 | 6.37 | 1.0 % |
| Operating Income | (0.75) | (7.47) | (898.4 %) |
| Net Income | (28.59) | (8.34) | 70.8 % |
| Average Shares | 2,964.00 | 2,964.00 | - |
| EPS (Halala) | (0.96) | (0.28) | 70.8 % |
In Q4 2021, Al Baha cut net losses after Zakat and tax to SAR 5.9 million, from SAR 27.9 million in the year-ago period.
Compared to Q3 2021, net losses widened from SAR 820,000.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 2.91 | 3.47 | 19.4 % |
| Gross Income | 1.27 | 2.21 | 74.0 % |
| Operating Income | (3.49) | (5.88) | (68.3 %) |
| Net Income | (29.28) | (5.91) | 79.8 % |
| Average Shares | 2,964.00 | 2,964.00 | - |
| EPS (Halala) | (0.99) | (0.20) | 79.8 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 2.59 | 3.47 | 34.2 % |
| Gross Income | 1.27 | 2.21 | 73.8 % |
| Operating Income | (0.11) | (5.88) | (5,497.1 %) |
| Net Income | (0.82) | (5.91) | (621.5 %) |
| Average Shares | 2,964.00 | 2,964.00 | - |
| EPS (Halala) | (0.03) | (0.20) | (621.5 %) |
Shareholders’ equity, after minority interest, reached SAR 99.355 million in 2021, compared to SAR 107.699 million in 2020.
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