Batic Investments and Logistics Co. swung to a net loss after Zakat and tax of SAR 24.7 million for the first nine months of 2022, against a net profit of SAR 601,000 a year earlier.
Gross profit dropped 13% year-on-year (YoY) to SAR 28.1 million, mainly due to the decrease in operating revenues during the current period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 355.91 | 314.26 | (11.7 %) |
| Gross Income | 32.45 | 27.02 | (16.7 %) |
| Operating Income | 3.25 | (16.19) | (598.5 %) |
| Net Income | 0.60 | (24.67) | (4205.4 %) |
| Average Shares | 584.96 | 600.00 | 2.6 % |
| EPS (Riyals) | 0.00 | (0.04) | (4102.5 %) |
The current period included expected credit loss expenses of SAR 7.7 million, compared to the reversal of a provision for expected credit losses of SAR 4.6 million for the prior-year period.
In addition, during the same period, financing costs (FC), as well as general and administrative expenses increased by 28% and 5% YoY, respectively.
In Q3 2022, the company turned to a net loss after Zakat and tax of SAR 12.8 million, against a net profit of SAR 470,000 million a year earlier. Gross profit fell by 38% YoY, while FC increased by 16% YoY.
Compared to Q2 2022, Batic’s net losses edged 0.5% higher from SAR 12.72 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 119.18 | 104.69 | (12.2 %) |
| Gross Income | 12.82 | 7.38 | (42.5 %) |
| Operating Income | 3.00 | (9.04) | (401.3 %) |
| Net Income | 0.47 | (12.79) | (2827.5 %) |
| Average Shares | 584.96 | 600.00 | 2.6 % |
| EPS (Riyals) | 0.00 | (0.02) | (2759.1 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 100.27 | 104.69 | 4.4 % |
| Gross Income | 8.44 | 7.38 | (12.6 %) |
| Operating Income | (6.44) | (9.04) | (40.3 %) |
| Net Income | (12.72) | (12.79) | (0.5 %) |
| Average Shares | 600.00 | 600.00 | - |
| EPS (Riyals) | (0.02) | (0.02) | (0.5 %) |
Total shareholders’ equity, after minority interest, rose to SAR 474.8 million by the end of the nine-month period, from SAR 358.6 million a year earlier.
Accumulated losses stood at SAR 30.265 million as of Sept. 30, 2022, representing 5% of the company’s capital.
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