Batic profit rises to SAR 1.6M in Q1 2024

Batic Investments and Logistics Co. reported a net profit of SAR 1.6 million in Q1 2024, up from SAR 55,600 in the year-earlier period.

The profit growth was buoyed by a 9% year-on-year (YoY) increase in the first-quarter revenues, mainly due to a 59% YoY leap in the land transport segment’s revenues and as the smart parking segment’s revenues climbed by 40% YoY during the same period.

Operating profit surged by 106% YoY to SAR 4.2 million during the first three months of 2024. This was due to a 9% YoY hike in operating revenues and a 24% YoY fall in general and administrative expenses for the same quarter:

The company also cited an increase in unrealized gains from investments at fair value through profit or loss to SAR 4.2 million, compared to SAR 1.2 million a year before.

This was despite the 33% YoY rise in financing costs, besides recognizing SAR 1.8 million revenues from the sale of investment shares recorded in Q1 2023.

Compared to Q4 2023, Batic’s turned profitable from a net loss of SAR 7.80 million, mainly due to a 39% quarterly leap in gross profit and a decrease in the provision for impairment of financial assets.

Shareholders’ equity, after minority interest, stood at SAR 457.72 million by March 31, 2024, compared to SAR 461.99 million in the year-earlier period.

In June 2023, Batic’s extraordinary general meeting agreed to a stock split from SAR 10 to SAR 1, raising its share capital from 60 million to 600 million.

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