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Al-Baha Investment and Development Co. announces its Annual Financial Results for the Period Ending on 2020-12-31

ALBAHA 4130 7.69% 0.14 0.01
Element List Current Year Previous Year %Change
Sales/Revenue 11,175,312 10,435,145 7.093
Gross Profit (Loss) 6,311,668 5,679,900 11.122
Operational Profit (Loss) -26,509,993 -1,379,314 1,821.969
Net Profit (Loss) after Zakat and Tax -29,812,671 -5,042,301 491.251
Total Comprehensive Income -29,812,671 -5,042,301 491.251
Total Share Holders Equity (after Deducting Minority Equity) 107,699,777 136,292,674 -20.979
Profit (Loss) per Share -1.62 -0.3
All figures are in (Actual) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The reason for the increase in net loss during this year compared to the previous year is due to:

- Increase the provision formed to offset losses resulting from the exchange of assets with Al-Sata'a Company by an amount of 17,300,559 Saudi riyals, after confirming the judgment from the Court of Appeal.

- Record a decrease in the value of investment properties and a loss in the value of goodwill for subsidiaries amounting to 9,408,230 Saudi riyals due to the repercussions of coronavirus (Covid 19) pandemic and its direct impact on the real estate and leasing sector.

- Decrease in other income item by 4,815,859 SAR

- An expected credit loss of 3,201,760 Saudi

- The decrease in the company's share in the profits of its subsidiaries due to the repercussions of Corona virus (Covid 19) pandemic and its direct impact on the real estate and leasing sector, despite the increase in revenues by 7 %, as the revenues for the year 2020 reached an amount of 11,175,312 riyals compared to the revenues of last year an amount of 10,435,145 riyals, and an increase in gross profit by 11.12 %, as the gross profit for the year 2020 amounted to an amount of 6,311,668 riyals compared with the gross profit of last year an amount of 5,679,900 riyals, as a result of the increase in operating rates in the commercial centers of the company, and the administrative and general expenses for the year 2020 decreased by 15 % As the administrative and general expenses amounted to 2,929,900 riyals compared to last year, an amount of 3,459,527 riyals.

Statement of the type of external auditor's report Unmodified opinion
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. (17) about the consolidated financial statements, which refers to the issue of exchanging assets with Al-Sata'a Modern Company, as detailed in the clarification, as the company created a provision for compensation for losses resulting from the asset exchange contract with Al-Sata'a Modern Company in the amount of 84,003,717 Saudi riyals. 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 group’s revenues increased during the current year by 7 % due to the increase in occupancy rates in commercial complexes, despite the provision of discounts to tenants in the group’s malls, due to the repercussions of corona virus (Covid 19) pandemic.

Effects of the spread of corona virus (Covid 19):

The results of the group were affected by the outbreak of Corona virus Covid 19, which the World Health Organization declared a pandemic in the month of March 2020 AD, which caused the disruption of many commercial and economic activities in the Kingdom of Saudi Arabia and the rest of the world and as a result, the group recorded a loss in the value of investment properties and a decrease in the value of Goodwill amounted to 9,408,230 riyals as a decrease in value, in addition to that, the group also assessed the ability of tenants to pay rents related to the period affected by the outbreak of Covid 19 and as a result, the group granted discounts to tenants as a result of their closure in commercial centers during the closure period of the Corona pandemic and their inability to practice activity.

Loss per share during this year 2020 was calculated based on the main company's share of the net loss amounting to 28,592,897 riyals (after excluding the minority's equity share).

The company also wishes to clarify to the shareholders that the accumulated losses of the company as on December 31, 2020 amounted to an amount of 69,300,223 riyals with a ratio of 39.15 % of the company's capital of 177,000,000 Saudi riyals, while the accumulated losses as on December 31, 2019 were an amount of 40,707,326 riyals at a rate And its estimated 22.998 % of the company's capital.

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