Batic widens net loss to SAR 30.8 mln in 2022; Q4 at SAR 6.2 mln

Batic Investments and Logistics Co.’s net losses widened to SAR 30.8 million in 2022 from SAR 9.7 million in 2021, as gross profit fell 11% year-on-year (YoY) due to a decrease in operating revenues.

Operating losses surged 1,363% YoY due to the inclusion of expected credit losses expenses in 2022, compared to the reversal of provisions for expected credit losses during the previous year.

The transport and logistics services provider said finance charges grew 20% YoY in 2022, due to an increase in interest expenses on lease liabilities and service concession agreement. This was offset by an 18% YoY decrease in finance charges related to credit facilities

The company’s Q4 2022 net loss amounted to SAR 6.2 million, compared with SAR 9.05million in the year-earlier period.

On a sequential basis, the net loss decreased from SAR 12.79 million in Q3 2022.

Total shareholders’ equity, after minority interest, amounted to SAR 462.5 million as of Dec. 31, 2022, versus SAR 225.8 million at the end of 2021.

Accumulated losses as of Dec. 31, 2022, amounted to SAR 39.91 million, representing 6.7% of the company’s capital of SAR 600 million.

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