Batic turns to a net profit of SAR 348,700 in 9M 2021

Batic Investment and Logistics Co. reported a net profit after Zakat and tax of SAR 348,724 for the first nine months of 2021, from a net loss of SAR 1.2 million in the same period last year.

The company attributed the net profit to reversal of provision for expected credit losses, amounting to SAR 4.6 million, compared to SAR 8.8 million during the same period of the previous year.

The current period also included unrealized revenue from investments at fair value amounting to SAR 853,000.

The company reported a net profit of SAR 258,011 for Q3 2021, a 97% year-on-year (YoY) decline, on lower medical equipment supply revenue, realizing a loss from the smart parking sector, which is still in the preparation and construction stage and not fully operating the sites, in addition to higher financing costs.

On a sequential basis, net profit fell 93.3% from SAR 3.85 million in Q2 2021 due to higher general and administrative expenses, financing costs and Zakat expense.

Shareholders’ equity, after minority interest, fell to SAR 358.394 million as of Sept. 30, 2021, from SAR 372.449 million a year earlier.

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