Batic swings to SAR 24.7 mln loss in 9M 2022; Q3 at SAR 12.8 mln

10/11/2022 Argaam Exclusive

Batic Investments and Logistics Co. swung to a net loss after Zakat and tax of SAR 24.7 million for the first nine months of 2022, against a net profit of SAR 601,000 a year earlier.

 

Gross profit dropped 13% year-on-year (YoY) to SAR 28.1 million, mainly due to the decrease in operating revenues during the current period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 355.91 314.26 (11.7 %)
Gross Income 32.45 27.02 (16.7 %)
Operating Income 3.25 (16.19) (598.5 %)
Net Income 0.60 (24.67) (4205.4 %)
Average Shares 584.96 600.00 2.6 %
EPS (Riyals) 0.00 (0.04) (4102.5 %)

The current period included expected credit loss expenses of SAR 7.7 million, compared to the reversal of a provision for expected credit losses of SAR 4.6 million for the prior-year period.

 

In addition, during the same period, financing costs (FC), as well as general and administrative expenses increased by 28% and 5% YoY, respectively.

 

In Q3 2022, the company turned to a net loss after Zakat and tax of SAR 12.8 million, against a net profit of SAR 470,000 million a year earlier. Gross profit fell by 38% YoY, while FC increased by 16% YoY.

 

Compared to Q2 2022, Batic’s net losses edged 0.5% higher from SAR 12.72 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 119.18 104.69 (12.2 %)
Gross Income 12.82 7.38 (42.5 %)
Operating Income 3.00 (9.04) (401.3 %)
Net Income 0.47 (12.79) (2827.5 %)
Average Shares 584.96 600.00 2.6 %
EPS (Riyals) 0.00 (0.02) (2759.1 %)

Total shareholders’ equity, after minority interest, rose to SAR 474.8 million by the end of the nine-month period, from SAR 358.6 million a year earlier.

 

Accumulated losses stood at SAR 30.265 million as of Sept. 30, 2022, representing 5% of the company’s capital.

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Share Price

Batic Investments and Logistics Co.
3.71
0.09 2.49 %

Batic Investments and Logistics Co. (BATIC)

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Financial Ratios
Current
Market Cap (M Riyal) 2,226.00
Enterprise Value (EV) (M) 2,295.98
Shares Outstanding ((M)) 600.00
EPS ( Riyal) (TTM) (0.01)
Book Value (BV) ( Riyal) 0.76
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.88
Return on Average Assets (%) (TTM) (0.52 )
Return on Average Equity (%) (TTM) (1.69 )
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