Batic posts SAR 57,000 profit in 9M 2024, SAR 792,000 loss in Q3

Batic Investments and Logistics Co. reported a net profit of SAR 57,000 for the first nine months of 2024, compared to a loss of SAR 6.1 million in the year-earlier period.

Batic recorded a 3.7% rise year-on-year (YoY) in revenue for the current period, driven by a 42% increase in land transport, 37% growth in smart parking, and a 23% rise in investment property revenue, offset by a 36% drop in security services.

Operating profit jumped 627% to SAR 14.6 million, mainly due to a 4% rise in operational revenue, an 18% cut in general expenses, and a 55% reduction in financial impairment provisions.

Unrealized gains from fair value investments increased 49% to SAR 9 million, up from SAR 6 million in the prior-year period.

This was despite a 46% YoY rise in financing costs and last year's SAR 1.8 million revenue from asset sales.

Total shareholders’ equity, no minority interest, increased to SAR 456.187 million as of Sept. 30, 2024, from SAR 458.308 million a year earlier.

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