Batic narrows losses to SAR 6.1 mln in 9M 2023; Q3 at SAR 6.6 mln

Batic Investments and Logistics Co. narrowed its net loss to SAR 6.1 million in the first nine months of 2023, from SAR 24.7 million in the prior-year period.

The shrink in losses came from the increase in gross profit by 73%, as the gross profit during the current period amounted to SAR 46.7 million compared to SAR 27 million in the same period last year. This was mainly due to the increase in operating revenues by 13%, in addition to the decrease in the percentage of revenue to costs to 87% in 9M 2023 from 91% in 9M 2022.

Meanwhile, the current period included revenues from the sale of investment shares amounting to SAR 1.8 million.

The company also realized unrealized gains from investments at fair value through profit or loss, as the unrealized gains amounted to SAR 6.1 million compared to SAR 1.8 million a year earlier.

On the other hand, there was an increase financing costs by 49 % and an increase in the provision for expected credit losses by 30 %.

The company trimmed losses to SAR 6.62 million in Q3 2023, from SAR 12.79 million in the same quarter last year.

Compared to Q2 2023, the company turned to losses against a profit of SAR 480,424.

Shareholders’ equity, after minority interest, stood at SAR 458.30 million as of Sept. 30, 2023, compared to SAR 474.80 million a year earlier.

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