Financial Results : Batic turns to a net profit of SAR 348,700 in 9M 2021

Batic turns to a net profit of SAR 348,700 in 9M 2021

07/11/2021 Argaam Exclusive

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Batic Investment and Logistics Co. reported a net profit after Zakat and tax of SAR 348,724 for the first nine months of 2021, from a net loss of SAR 1.2 million in the same period last year.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 394.43 355.91 (9.8 %)
Gross Income 50.34 32.45 (35.5 %)
Operating Income 9.95 3.25 (67.4 %)
Net Income (1.15) 0.60 152.3 %
Average Shares 584.96 584.96 -
EPS (Riyals) 0.00 0.00 152.3 %

The company attributed the net profit to reversal of provision for expected credit losses, amounting to SAR 4.6 million, compared to SAR 8.8 million during the same period of the previous year.

 

The current period also included unrealized revenue from investments at fair value amounting to SAR 853,000.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 190.75 119.18 (37.5 %)
Gross Income 31.04 12.82 (58.7 %)
Operating Income 19.35 3.00 (84.5 %)
Net Income 9.16 0.47 (94.9 %)
Average Shares 584.96 584.96 -
EPS (Riyals) 0.02 0.00 (94.9 %)

The company reported a net profit of SAR 258,011 for Q3 2021, a 97% year-on-year (YoY) decline, on lower medical equipment supply revenue, realizing a loss from the smart parking sector, which is still in the preparation and construction stage and not fully operating the sites, in addition to higher financing costs.

 

On a sequential basis, net profit fell 93.3% from SAR 3.85 million in Q2 2021 due to higher general and administrative expenses, financing costs and Zakat expense.

 

Shareholders’ equity, after minority interest, fell to SAR 358.394 million as of Sept. 30, 2021, from SAR 372.449 million a year earlier.

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