Batic Investments and Logistics Co. announces the interim consolidated financial results for the period ending on 30-06-2023(Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 117,367,854 | 100,268,955 | 17.05 | 114,203,718 | 2.77 |
| Gross Profit (Loss) | 18,380,848 | 8,441,077 | 117.75 | 15,781,707 | 16.47 |
| Operational Profit (Loss) | 3,561,537 | -6,442,905 | - | 2,017,257 | 76.55 |
| Net Profit (Loss) after Zakat and Tax | 480,424 | -12,723,520 | - | 55,671 | 762.97 |
| Total Comprehensive Income | 480,424 | -12,723,520 | - | 55,671 | 762.97 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 231,571,572 | 209,569,581 | 10.5 |
| Gross Profit (Loss) | 34,162,555 | 19,641,113 | 73.93 |
| Operational Profit (Loss) | 5,578,793 | -7,144,434 | - |
| Net Profit (Loss) after Zakat and Tax | 536,095 | -11,881,290 | - |
| Total Comprehensive Income | 536,095 | -11,881,290 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 462,477,985 | 487,596,790 | -5.15 |
| Profit (Loss) per Share | 0 | -0.02 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for achieving a net profit during the current quarter compared to a net loss in the same quarter of the previous year is mainly due to:
1- The increase in gross profit by 118%, as the total profit during the current quarter amounted to 18.4 million riyals compared to a total profit of 8.4 million riyals during the same quarter of the previous year, mainly due to the increase in operating revenues during the current quarter by 17% compared to the same quarter of The previous year, in addition to the decrease in the percentage of cost of revenues , as the percentage of costs for the current quarter reached 84% compared to 92% during the same quarter of the previous year 2- The decrease in general and administrative expenses during the current quarter of 9% compared to the same quarter of the previous year. 3- Achieving unrealized gains from investments at fair value through profit or loss in the amount of 2.7 million riyals, compared to achieving unrealized losses of 2.4 million riyals during the same quarter of the previous year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the increase in net profit during the current quarter compared to the previous quarter is mainly due to:
1- The increase in gross profit by 16 %, as the total profit during the current quarter amounted to 18.4 million riyals compared to a total profit of 15.8 million riyals during the previous quarter, mainly due to the increase in operating revenues during the current quarter by 3% compared to the previous quarter. 2- The decrease in general and administrative expenses during the current quarter of 5 % compared to the previous quarter. 3- The increase in unrealized gains from investments at fair value through profit or loss, as the unrealized gains during the current quarter amounted to 2.7 million riyals compared to 1.2 million riyals during the previous quarter. This was offset by an increase in the provision for expected credit losses by 100%, as the expected credit losses during the current quarter amounted to 3.4 million riyals, compared to expected credit losses of 1.7 million riyals during the previous quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for achieving a net profit during the current period compared to achieving a net loss during the same period of the previous year is mainly due to:
1- The increase in gross profit by 74%, as the total profit during the current period amounted to 34.2 million riyals compared to a total profit of 19.6 million riyals during the same period of the previous year, mainly due to the increase in operating revenues during the current period by 10% compared to the same period of the previous year In addition to the decrease in the percentage of revenue costs, as the percentage of costs for the current period reached 85% compared to 91% during the same period of the previous year. 2- The current period includes revenues from the sale of investment shares amounting to 1.8 million riyals. 3-The increase in unrealized gains from investments at fair value through profit or loss, as the unrealized gains during the current period amounted to 4 million riyals compared to gains of 2 million riyals during the same period of the previous year. This was offset by an increase in financing costs during the current period by 63%, in addition to an increase in the provision for expected credit losses by 59% during the current period compared to the same period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain prior period figures have been re-classified to confirm with the presentation in the current period. None of the re-classifications impacted company's results or Shareholders’ Equity. |
| Additional Information | -The basic and diluted share of profit and loss for the current period and the similar period of the previous year was calculated by dividing the net profit or loss for each period after zakat attributable to the company’s shareholders by the weighted average number of ordinary shares outstanding at the end of each period, where the weighted average shares for the current period 600,000,000 shares compared to 558,450,000 shares for the same period of the previous year, This is after the approval of the Extraordinary General Assembly on June 21, 2023 to divide the nominal value of the share from 10 Saudi riyals per share to 1 Saudi riyal per share, so that the number of shares of the company after the split becomes 600 million shares instead of 60 million shares.
-We would like to draw the shareholders' attention; a financial performance report has been attached about the company performance for the second quarter and the first half of the year 2023. |
| Attached Documents |  |
Comments