Riyadh – Mubasher: Saudi Arabia-based Batic Investments and Logistics Co on Thursday announced a 87.9% year-on-year plunge in net profits during the second quarter of 2018.

Batic’s profits amounted to SAR 1.94 million during Q2-18, down from SAR 16.05 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, Batic's profits slumped 50.9% during the three-month period ended June, from SAR 3.95 million.

The company attributed the second-quarter profit decline to an increase by SAR 4.7 million in general and administrative expenses.

Batic’s revenues rose 5.8% to SAR 128.12 million by the end of Q2-18, from SAR 121.08 million during the same period last year.

The Tadawul-listed firm’s profits levelled down 76.8% to SAR 5.89 million from January to June, compared to SAR 25.34 million in H1-17.

Revenues went up 7.7% to SAR 255.57 million by the end of H1-18, from SAR 237.2 million during the corresponding period a year earlier.

Batic’s stock inched up 0.8% to close Thursday’s trading activities at SAR 38.