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Batic logs SAR 52.6m profits in 2017

Batic logs SAR 52.6m profits in 2017
Batic’s net profits amounted to SAR 12.4 million during Q4-17
BATIC
4110
-1.63% 1.81 -0.03

Riyadh – Mubasher: Saudi Arabia's Batic Investments and Logistics Company on Tuesday stated that it turned profitable in the fourth quarter of 2017, against incurring losses in the year-ago period.

Batic’s net profits amounted to SAR 12.4 million during Q4-17, against net losses worth SAR 16.56 million in the same period a year earlier, according to a bourse statement.

The trucking transportation and logistics provider attributed turning to profits in Q4-17 to an increase in operating revenues, a decrease in costs, general and administrative expenses, and a drop in financing costs.

The Kingdom-based firm's net profits soared 212.54% to SAR 52.6 million during the full year 2017, from SAR 16.82 million in the year before.

By 10:32 am KSA time, the stock inched down 0.02% to SAR 62.90.