Financial Results : Batic turns to losses of SAR 12.9 mln in 2020

Batic turns to losses of SAR 12.9 mln in 2020

25/03/2021 Argaam Exclusive

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Batic Investment and Logistics Co. reported a net loss after Zakat and tax of SAR 12.9 million for 2020 from a net profit of Zakat and tax of SAR 6.9 million in 2019.

 

The company attributed the losses to the increase of the provision of expected credit loss to SAR 17.75 million, compared to SAR 2.33 million for last year.

 

The losses were also attributed to higher finance costs to SAR 7.7 million, compared to SAR 248 million for 2019 due to increasing banking facilities for some of the subsidiaries due to adding new assets and implementing the smart parking project in the Eastern Region.

 

Meanwhile, estimated Zakat expenses for the period rose by 39% to SAR 627 million compared to SAR 4.51 million in 2019.

 



Financials (M)

Item 2019 2020 Change‬
Revenues 463.95 516.93 11.4 %
Gross Income 60.12 60.36 0.4 %
Operating Income 16.25 (2.05) (112.6 %)
Net Income 6.90 (11.62) (268.4 %)
Average Shares 584.96 584.96 -
EPS (Riyals) 0.01 (0.02) (268.4 %)

The company turned to a net loss after Zakat and tax of SAR 11.7 million in Q4 2020 from a net profit of SAR 1.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 116.36 122.50 5.3 %
Gross Income 12.44 10.02 (19.5 %)
Operating Income 1.35 (12.00) (991.6 %)
Net Income 1.10 (10.47) (1051.0 %)
Average Shares 584.96 584.96 -
EPS (Riyals) 0.00 (0.02) (1051.0 %)

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