Batic swings to SAR 10.3 mln loss in H1 2020

20/08/2020 Argaam Exclusive

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Batic Investments and Logistics Co. reported a net loss after Zakat and tax of SAR 10.3 million for the first half of 2020, compared to a net profit of SAR 3.7 million a year earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	231.87	203.68	(12.2 %)
Gross Income	33.04	19.30	(41.6 %)
Operating Income	9.72	(9.40)	(196.7 %)
Net Income	3.73	(10.31)	(376.2 %)
Average Shares	584.96	584.96	-
EPS (Riyals)	0.01	(0.02)	(376.2 %)

The losses were attributed to a 12.16% decline in revenues due to COVID-19 precautionary measures, as well as an increase in the provision of expected credit loss and finance costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	117.78	98.05	(16.8 %)
Gross Income	16.15	4.97	(69.2 %)
Operating Income	5.06	(6.79)	(234.2 %)
Net Income	1.80	(7.20)	(500.6 %)
Average Shares	584.96	584.96	-
EPS (Riyals)	0.00	(0.01)	(500.6 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	105.67	98.05	(7.2 %)
Gross Income	14.36	4.97	(65.4 %)
Operating Income	(2.61)	(6.79)	(160.3 %)
Net Income	(3.11)	(7.20)	(131.3 %)
Average Shares	584.96	584.96	-
EPS (Riyals)	(0.01)	(0.01)	(131.3 %)

The company reported a net loss after Zakat and tax of SAR 7.2 million in Q2 2020, compared to a net profit of SAR 1.79 million a year earlier, due to a 16.75% drop in revenues and a SAR 569,274 increase in finance costs.

When compared to the previous quarter, Batic’s losses widened as revenues fell amid precautionary measures.

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