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 income, an 18% cut in general and administrative expenses (G&A), and a 55% reduction in financial impairment provisions.

In Q3 2024, Batic narrowed net losses to SAR 792,000 from SAR 6.62 million in Q3 2023 as gross profit jumped 30% year-on-year (YoY) to SAR 16.3 million. G&A dropped 11% YoY. 

On a quarterly basis, net losses widened from SAR 750,000 in Q2 2024 on a 3% sequential decline in operating income. 

Total shareholders’ equity, after minority interest, declined to SAR 456.18 million as of Sept. 30, 2024, from SAR 458.30 million a year earlier.

View More Financial Results