Batic’s FY2019 net profit slumps 51%

01/03/2020 Argaam Exclusive

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Batic Investments and Logistics Co.’s net profit after Zakat and tax plunged 51.3% year-on-year (YoY) to SAR 6.89 million for the fiscal year 2019, as compared to SAR 14.18 million a year earlier.

Financials (M)

Item	2018	2019	Change‬
Revenues	507.63	463.95	(8.6 %)
Gross Income	77.56	60.12	(22.5 %)
Operating Income	27.09	16.25	(40.0 %)
Net Income	14.19	6.90	(51.4 %)
Average Shares	584.96	584.96	-
EPS (Riyals)	0.02	0.01	(51.4 %)

The decline was attributed to decrease in revenue by 8.6% and an increase in finance costs due to a loan to acquire a commercial building in Riyadh, BATIC said in a bourse filing.

The company also cited an increase in capital losses due to the sale of old fleet units in one of the subsidiary firms.

In Q4 2019, net profit declined 76% to SAR 1.1 million from SAR 4.57 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	124.48	116.36	(6.5 %)
Gross Income	19.18	12.44	(35.2 %)
Operating Income	7.14	1.35	(81.1 %)
Net Income	4.57	1.10	(75.9 %)
Average Shares	584.96	584.96	-
EPS (Riyals)	0.01	0.00	(75.9 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	115.72	116.36	0.5 %
Gross Income	14.65	12.44	(15.1 %)
Operating Income	5.18	1.35	(74.0 %)
Net Income	2.07	1.10	(46.7 %)
Average Shares	584.96	584.96	-
EPS (Riyals)	0.00	0.00	(46.7 %)

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