Batic Investments and Logistics Co. reported a net loss after Zakat and tax of SAR 11.9 million in the first six months of 2022, against a profit of SAR 131,242 a year earlier.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 236.73 | 209.57 | (11.5 %) |
| Gross Income | 19.63 | 19.64 | 0.1 % |
| Operating Income | 0.25 | (7.14) | (3004.1 %) |
| Net Income | 0.13 | (11.88) | (9169.7 %) |
| Average Shares | 584.96 | 600.00 | 2.6 % |
| EPS (Riyals) | 0.00 | (0.02) | (8942.4 %) |
The losses were attributed to the inclusion of expected credit loss expenses during the current period, higher financing costs due to the increase in interest expenses on lease liabilities and service concession agreement as well as higher general and administrative expenses.
In Q2 2022, the company swung to a net loss of SAR 12.7 million, from a profit of SAR 3.4 million in the year-earlier period.
On a sequential basis, Batic also saw a net loss against a profit of SAR 842,232.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 113.09 | 100.27 | (11.3 %) |
| Gross Income | 10.23 | 8.44 | (17.5 %) |
| Operating Income | 2.70 | (6.44) | (339.0 %) |
| Net Income | 3.36 | (12.72) | (479.1 %) |
| Average Shares | 584.96 | 600.00 | 2.6 % |
| EPS (Riyals) | 0.01 | (0.02) | (469.6 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 109.66 | 100.27 | (8.6 %) |
| Gross Income | 11.61 | 8.44 | (27.3 %) |
| Operating Income | (0.29) | (6.44) | (2,099.0 %) |
| Net Income | 0.84 | (12.72) | (1610.7 %) |
| Average Shares | 600.00 | 600.00 | - |
| EPS (Riyals) | 0.00 | (0.02) | (1610.7 %) |
Total shareholders’ equity, excluding minority interest, stood at SAR 487.597 million by the end of H1 2022, compared to SAR 358.177 million in a year-earlier period.
Accumulated losses reached SAR 17.473 million, or 2.9% of capital as of June 30, 2022.
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