Batic profit sinks 93% to SAR 56,000 in Q1 2023

Batic Investments and Logistics Co. reported a 93% tumble in Q1 2023 net profit to SAR 56,000, from SAR 842,000 in the year-earlier period.

The profit dip was attributed to a decline of 72% year-on-year (YoY) in unrealized gains from investments at fair value through profit or loss. Unrealized gains during the current quarter amounted to SAR 1.2 million, compared to SAR 4.4 million in Q1 2022.

Finance charges increased by 90 % YoY, on higher interest expenses on lease liabilities and service concession agreement. This was offset by operating revenues and gross profit, which increased by 4% and 36% YoY, respectively in Q1 2023.

Compared to Q4 2022, Batic’s turned profitable from a net loss of SAR 6.16 million, thanks to a 5% rise YoY in gross profit. The company posted SAR 2 operating profit verses an operating loss of SAR 4.5 million in Q1 2022.

Shareholders’ equity, after minority interest, stood at SAR 461.99 million by March 31, 2023, compared to SAR 521.49 million in the year-earlier period.

Accumulated losses reached SAR 39.86 million by the end of the three-month period, accounting for 6.6% of the company’s capital.

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