Batic posts SAR 536,000 profit in H1 2023, SAR 480,000 in Q2

Batic Investment and Logistics Co. swung to a net profit of SAR 536,000 in H1 2023 from a net loss of SAR 11.9 million in H1 2022.

Gross profit jumped by 74% year-on-year (YoY) to SAR 34.2 million in H1 2023, mainly due to a 10% YoY increase in operating revenues. In addition, the percentage of the cost of goods sold reached 85% compared to 91% in H1 2022.

The current period includes SAR 1.8 million revenue from the sale of investments.

Unrealized gains from investments at fair value through profit or loss increased to SAR 4 million from SAR 2 million in H1 2022. This came despite a 63% increase YoY in financing costs. Provisions for expected credit losses also expanded by 59% YoY.

In Q2 2023, the company turned a profit of SAR 480,000 against a net loss of SAR 12.72 million in the prior-year period. Batic’s gross profit surged 118% YoY to SAR 18.4 million. General and administrative expenses decreased by 9% YoY. The company reported SAR 2.7 million in unrealized gains from investments at fair value through profit or loss against unrealized losses of SAR 2.4 million.

The net earnings skyrocketed from SAR 60,000 in Q1 2023.

Shareholders’ equity, after minority interest, reached SAR 462.47 million by the end of the six-month period, compared to SAR 487.59 million a year earlier.

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