Batic turns to net loss of SAR 11.9 mln in H1 2022, Q2 loss at SAR 12.7 mln

25/08/2022 Argaam Exclusive

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Batic Investments and Logistics Co. reported a net loss after Zakat and tax of SAR 11.9 million in the first six months of 2022, against a profit of SAR 131,242 a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	236.73	209.57	(11.5 %)
Gross Income	19.63	19.64	0.1 %
Operating Income	0.25	(7.14)	(3004.1 %)
Net Income	0.13	(11.88)	(9169.7 %)
Average Shares	584.96	600.00	2.6 %
EPS (Riyals)	0.00	(0.02)	(8942.4 %)

The losses were attributed to the inclusion of expected credit loss expenses during the current period, higher financing costs due to the increase in interest expenses on lease liabilities and service concession agreement as well as higher general and administrative expenses.

In Q2 2022, the company swung to a net loss of SAR 12.7 million, from a profit of SAR 3.4 million in the year-earlier period.

On a sequential basis, Batic also saw a net loss against a profit of SAR 842,232.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	113.09	100.27	(11.3 %)
Gross Income	10.23	8.44	(17.5 %)
Operating Income	2.70	(6.44)	(339.0 %)
Net Income	3.36	(12.72)	(479.1 %)
Average Shares	584.96	600.00	2.6 %
EPS (Riyals)	0.01	(0.02)	(469.6 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	109.66	100.27	(8.6 %)
Gross Income	11.61	8.44	(27.3 %)
Operating Income	(0.29)	(6.44)	(2,099.0 %)
Net Income	0.84	(12.72)	(1610.7 %)
Average Shares	600.00	600.00	-
EPS (Riyals)	0.00	(0.02)	(1610.7 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 487.597 million by the end of H1 2022, compared to SAR 358.177 million in a year-earlier period.

Accumulated losses reached SAR 17.473 million, or 2.9% of capital as of June 30, 2022.

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