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BAAN Holding Group Co. announces its Interim Financial results for the Period Ending on 2025-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 166.54 | 158.17 | 5.291 | 172.99 | -3.728 |
| Gross Profit (Loss) | 38.79 | 44.57 | -12.968 | 38.27 | 1.358 |
| Operational Profit (Loss) | 0.43 | 5.87 | -92.674 | 8.85 | -95.141 |
| Net profit (Loss) | -16.78 | 4.2 | - | -12.41 | 35.213 |
| Total Comprehensive Income | -15.11 | 3.84 | - | -14.82 | 1.956 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Shareholders Equity (after Deducting Minority Equity) | 191.56 | 207.3 | -7.592 |
| Profit (Loss) per Share | -0.05 | 0.01 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | -125.76 | 39.92 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The Company achieved a revenue growth of 5.29% during the current quarter, reaching SAR 166.54 million compared to SAR 158.17 million in the same quarter of the previous year. This is primarily attributed to the growth in the catering and food services sector. |
| 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 Company recorded a net loss of SAR 16.78 million, compared to a net profit of SAR 4.20 million during the same quarter of the previous year. This is primarily due to the seasonal impact on the company’s core activities, as the entire month of Ramadan fell within the current quarter, whereas it only partially coincided with the same quarter of the previous year. This led to a decline in numbers of visitors and hotel occupancy rates, particularly in the Central and Eastern regions. It is also worth noting that the company had insurance compensation gains of SAR 19.1 million during the first quarter of the previous year (2024). In addition, an expected credit loss provision of SAR 2.62 million was recorded during the current quarter, compared to SAR 985 thousand during the same quarter of the previous year." |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The Company generated revenues of SAR 166.54 million, compared to SAR 172.99 million in the previous quarter, representing a decrease of 3.73%. This decline is primarily due to the seasonal impact of the holy month of Ramadan, which led to a drop in the number of visitors to entertainment centers as well as lower hotel occupancy rates in the Central and Eastern regions. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Company recorded a net loss of SAR 16.78 million, compared to a net loss of SAR 12.41 million in the previous quarter. This is primarily due to the seasonal impact on operations, as the entire month of Ramadan coincided with the current quarter, which affected the number of visitors at entertainment centers as well as hotel occupancy rates in the Central and Eastern regions. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain comparative figures for the prior period have been reclassified to conform to the current period presentation, to enhance comparability and make them more relevant to users of the consolidated interim financial statements. |
| Additional Information | "The gross profit amounted to SAR 38.79 million, compared to SAR 44.57 million in the same quarter of the previous year, representing a decrease of 12.96%. The operating profit amounted to SAR 0.43 million, compared to SAR 5.87 million in the same quarter of the previous year, representing a decrease of 92.67%. The total comprehensive loss amounted to SAR 15.11 million, compared to a comprehensive profit of SAR 3.84 million in the same quarter of the previous year. The total shareholders' equity amounted to SAR 191.56 million at the end of the current quarter, compared to SAR 207.30 million at the end of the same quarter of the previous year, representing a decrease of 7.59%. Accumulated losses: The accumulated losses amounted to SAR 125.76 million at the end of the current quarter, representing 39.92% of the Group’s paid-up capital of SAR 315 million. The main reason for the increase in accumulated losses is the impact of seasonal performance, due to the full occurrence of the holy month of Ramadan during the current quarter. The Group will undertake several measures to reduce accumulated losses, including: - Continuing the implementation of the strategic transformation program and plan. - Continuing the restructuring of the Group’s sectors to enhance operational and administrative effectiveness and efficiency. - Continuous evaluation of the Group’s projects, with a focus on exiting underperforming projects that result in operating losses. - Focusing on promising sectors, such as the catering sector, to improve the Group’s financial performance. - Working on finalizing the agreements signed on December 29, 2024. The Group announced the signing of two binding agreements to acquire real estate assets through a capital increase and the issuance of new shares in exchange to the sellers. The completion of these transactions is subject to approval from regulatory authorities, relevant bodies, and the General Assembly." |
The Capital Market Authority and Saudi 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.
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