Riyadh – Mubasher: Batic Investments and Logistics Co on Monday stated that its net profits jumped 102.16% year-on-year in the third quarter of 2017.

Net profits increased to SAR 14.8 million in Q3-17, from SAR 7.3 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits levelled down 7.71%.

The firm attributed the rise in its year-on-year net profits to the increase in operating revenues by SAR 16.2 million, decrease in the ratio of operating costs by 5.2%, and in financing costs by SAR 692,580.

Year-on-year, revenues grew 14.8% to SAR 125.97 million, from SAR 109.76 million.

At the level of the first nine months of 2017, net profits surged 20.28% to reach SAR 40.16 million, compared to SAR 33.4 million in the corresponding period in 2016.

The company’s revenues increased 9.4% reaching SAR 363.17 million from January until September 2017, compared to SAR 332.08 million in the same period in the year before.

By 11:15 am KSA time, the stock shed 0.63% to reach SAR 55.50.