Financial Results : Batic posts SAR 57,000 profit in 9M 2024, SAR 792,000 loss in Q3

Batic posts SAR 57,000 profit in 9M 2024, SAR 792,000 loss in Q3

06/11/2024 Argaam Exclusive

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Batic Investments and Logistics Co. reported a net profit of SAR 57,000 for the first nine months of 2024, compared to a loss of SAR 6.1 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 354.25 367.28 3.7 %
Gross Income 46.66 48.31 3.5 %
Operating Income 2.01 14.60 627.6 %
Net Income (6.09) 0.06 100.9 %
Average Shares 600.00 600.00 -
EPS (Riyals) (0.01) 0.00 100.9 %

Batic recorded a 3.7% rise year-on-year (YoY) in revenue for the current period, driven by a 42% increase in land transport, 37% growth in smart parking, and a 23% rise in investment property revenue, offset by a 36% drop in security services.

 

Operating profit jumped 627% to SAR 14.6 million, mainly due to a 4% rise in operational income, an 18% cut in general and administrative expenses (G&A), and a 55% reduction in financial impairment provisions.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 122.68 119.77 (2.4 %)
Gross Income 12.50 16.27 30.1 %
Operating Income (3.57) 4.62 229.4 %
Net Income (6.62) (0.79) 88.0 %
Average Shares 600.00 600.00 -
EPS (Riyals) (0.01) 0.00 88.0 %

In Q3 2024, Batic narrowed net losses to SAR 792,000 from SAR 6.62 million in Q3 2023 as gross profit jumped 30% year-on-year (YoY) to SAR 16.3 million. G&A dropped 11% YoY. 

 

On a quarterly basis, net losses widened from SAR 750,000 in Q2 2024 on a 3% sequential decline in operating income. 


Total shareholders’ equity, after minority interest, declined to SAR 456.18 million as of Sept. 30, 2024, from SAR 458.30 million a year earlier.

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