Batic narrows losses to SAR 13.9M in 2023; Q4 at SAR 7.8M

Batic Investments and Logistics Co.’s net losses narrowed to SAR 13.9 million in 2023, from SAR 30.8 million a year ago.

The improved annual results were driven by the increase in 2023 revenues of most of the group’s operating segments, namely land transport (26%), security guards (15%), facility management (16%), smart parking (12%), cash in transit (CIT) (10%), and real estate investment (40%).

Moreover, the company's gross profit rose by 33% to SAR 57.4 million in 2023, from SAR 43.2 million in the year before. This was mainly due to the 12% year-on-year (YoY) hike in operating revenues on lower cost of sales.

Further, general and administrative expenses edged down for the year, while unrealized gains from investments at fair value through profit or loss increased YoY.

However, financing costs and Zakat expenses soared by 43% and 28% YoY, respectively, in 2023.

In Q4 2023, Batic’s losses widened to SAR 7.8 million, compared to SAR 6.16 million in the corresponding period a year ago.

Sequentially, the company sharpened its net loss from SAR 6.62 million in Q3 2023.

Total shareholders' equity, no minority interest, amounted to SAR 456.1 million by the end of Dec. 31, 2023, compared to SAR 465.2 million in the prior-year period.

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