Batic swings to SAR 24.7 mln loss in 9M 2022; Q3 at SAR 12.8 mln

10/11/2022 Argaam Exclusive

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Batic Investments and Logistics Co. swung to a net loss after Zakat and tax of SAR 24.7 million for the first nine months of 2022, against a net profit of SAR 601,000 a year earlier.

Gross profit dropped 13% year-on-year (YoY) to SAR 28.1 million, mainly due to the decrease in operating revenues during the current period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	355.91	314.26	(11.7 %)
Gross Income	32.45	27.02	(16.7 %)
Operating Income	3.25	(16.19)	(598.5 %)
Net Income	0.60	(24.67)	(4205.4 %)
Average Shares	584.96	600.00	2.6 %
EPS (Riyals)	0.00	(0.04)	(4102.5 %)

The current period included expected credit loss expenses of SAR 7.7 million, compared to the reversal of a provision for expected credit losses of SAR 4.6 million for the prior-year period.

In addition, during the same period, financing costs (FC), as well as general and administrative expenses increased by 28% and 5% YoY, respectively.

In Q3 2022, the company turned to a net loss after Zakat and tax of SAR 12.8 million, against a net profit of SAR 470,000 million a year earlier. Gross profit fell by 38% YoY, while FC increased by 16% YoY.

Compared to Q2 2022, Batic’s net losses edged 0.5% higher from SAR 12.72 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	119.18	104.69	(12.2 %)
Gross Income	12.82	7.38	(42.5 %)
Operating Income	3.00	(9.04)	(401.3 %)
Net Income	0.47	(12.79)	(2827.5 %)
Average Shares	584.96	600.00	2.6 %
EPS (Riyals)	0.00	(0.02)	(2759.1 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	100.27	104.69	4.4 %
Gross Income	8.44	7.38	(12.6 %)
Operating Income	(6.44)	(9.04)	(40.3 %)
Net Income	(12.72)	(12.79)	(0.5 %)
Average Shares	600.00	600.00	-
EPS (Riyals)	(0.02)	(0.02)	(0.5 %)

Total shareholders’ equity, after minority interest, rose to SAR 474.8 million by the end of the nine-month period, from SAR 358.6 million a year earlier.

Accumulated losses stood at SAR 30.265 million as of Sept. 30, 2022, representing 5% of the company’s capital.

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