اعلان شركة الباحة للإستثمار والتنمية عن النتائج المالية الأولية للفترة المنتهية في 202

A4130 ALBAHA0.45 (1.34 %)
1443/04/06 Thu Nov 11, 2021 15:41:53

Al-Baha Investment and Development Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	2,587,390	2,617,368	-1.145	2,804,885	-7.754
Gross Profit (Loss)	1,269,434	1,514,440	-16.177	1,578,589	-19.584
Operational Profit (Loss)	-105,241	685,269	-	1,486	-
Net Profit (Loss) after Zakat and Tax	-845,203	177,820	-	-635,626	32.971
Total Comprehensive Income	-845,203	177,820	-	-635,626	32.971
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	7,933,620	8,266,242	-4.023
Gross Profit (Loss)	4,168,824	5,044,962	-17.366
Operational Profit (Loss)	-657,862	2,760,153	-
Net Profit (Loss) after Zakat and Tax	-2,475,410	1,008,524	-
Total Comprehensive Income	-2,475,410	1,008,524	-
Total Share Holders Equity (after Deducting Minority Equity)	105,265,058	136,977,568	-23.151
Profit (Loss) per Share	-0.138	0.039
All figures are in (Actual) Saudi Arabia, Riyals

Accumulated Losses	Capital	Percentage %
-71,734,942	177,700,000	40.53
All figures are in (Actual) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for the net loss during the current quarter, amounting to 845,203 Saudi riyals, compared with the same quarter of the previous year, is due to the following reasons: An expected credit loss of 600.000 Saudi riyals was recorded due to the repercussions of the new Corona virus (Covid 19) pandemic and its direct impact on the real estate and leasing sector. The increase in the cost of revenue, in addition to the increase in the provision for zakat.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is	The reason for the increase in net loss during the current quarter compared to the previous quarter is due to the decrease in revenues compared to the second quarter of 2021 and the recording of expected credit losses of 600,000 Saudi riyals, due to the repercussions of the emerging Corona Virus (Covid 19) pandemic and its direct impact on the real estate and rental sector.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The reason for achieving losses during the current period compared to the previous period is due to the decrease in revenues and the increase in the cost of revenues, in addition to the increase in general and non-recurring expenses related to the previously announced capital increase file expenses. In addition to recording expected credit losses of 3,200,980 riyals during this period of this year, due to the repercussions of the emerging Corona Virus (Covid 19) pandemic and its direct impact on the real estate and rental sector.
Statement of the type of external auditor's report	Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion	We would like to draw attention to the following: Note No. (5) about the condensed consolidated interim financial statements, which refers to the issue of exchanging assets with Al-Sata'a Modern Company, as detailed in the illustration, as the company established a provision for compensation for losses resulting from the asset exchange contract with Al-Sata'a Modern Company, amounting to SR 84,003,717. Supporting the previously issued ruling obliging Al-Baha Investment and Development Company to implement the terms of the contract with Al-Sata'a Modern Company. Our opinion has not been modified accordingly.
Reclassification of Comparison Items	There is no
Additional Information	The accumulated losses as on 31 September 2021 amounted to 71,734,942 Saudi riyals, which is equivalent to 40.53 % of the company's capital of 177,000,000 Saudi riyals. The loss per share during the current period (nine months) for this year 2021 was calculated on the basis of the parent company's share of the net loss of (-2,434,719) riyals (after excluding the minority's equity share). The company also wishes to clarify to the shareholders that the measures it has taken regarding these losses are: First: On 10 November 2020 AD, the Board of Directors recommended increasing the company's capital by offering priority rights shares in an amount of 120,000,000 riyals, through which the company aims to finance and implement its plans and future projects and expand its various activities in addition to reducing the company's losses. Second: Appointing Messrs. Al-Dakhil Financial Group as a financial advisor for the IPO. Third: Work is still underway on the file of increasing the company's capital with the CMA. The procedures and instructions for companies whose shares are listed in the Saudi Stock Exchange, whose accumulated losses amounted to 35% or more of their capital, will be implemented.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.