Riyadh – Mubasher: Al Baha Investment and Development Company turned to net profits after Zakat and tax of SAR 2.42 million in the first nine months (9M) of 2023, compared with net losses of SAR 4.81 million in 9M-22.
The company’s revenues rose by 46.68% year-on-year (YoY) to SAR 11.69 million in January-September 2023 from SAR 7.97 million in the same period a year earlier.
Financial Results for Q3-23
In the third quarter (Q3) of 2023, Al Baha Investment achieved net profits of SAR 1.69 million against net losses of SAR 604,966in Q3-22.
The company’s revenues increased by 65.19% YoY to SAR 4.62 million in Q3-23 from SAR 2.80 million in the same quarter last year.
Quarter-on-quarter (QoQ), the net profits in Q3-23 surged by 313.08% from SAR 409,388 in Q2-23, while the revenues jumped by 27.83% from SAR 3.62 million.
Accumulated Losses
The company reported accumulated losses of SAR 83.91 million, which accounted for 28.25% of the SAR 297 million capital, as of 30 September 2023.
In July 2023, Al Baha Investment changed its recommendation of reducing the company's capital to stand at SAR 207.90 million, instead of SAR 222.75 million.
