Batic Investments and Logistics Co. announces the annual consolidated financial results for the period ending on 31-12-2018 (twelve Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 124,478,497 | 122,838,800 | 1.334 | 127,581,240 | -2.431 |
| Total Profit (Loss) | 19,301,648 | 25,679,365 | -24.835 | 20,215,531 | -4.52 |
| Profit (Loss) Operational | 7,263,007 | 10,315,786 | -29.593 | 7,877,462 | -7.8 |
| Net Profit (Loss) after Zakat and Tax | 4,573,508 | 12,419,918 | -63.176 | 3,728,615 | 22.659 |
| Total Comprehensive Income | 8,357,886 | 12,410,918 | -32.656 | 3,728,615 | 124.155 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 507,627,166 | 486,003,825 | 4.449 |
| Total Profit (Loss) | 77,563,064 | 111,323,191 | -30.326 |
| Profit (Loss) Operational | 27,092,489 | 65,731,586 | -58.783 |
| Net Profit (Loss) after Zakat and Tax | 14,188,677 | 52,576,327 | -73.013 |
| Total Comprehensive Income | 17,973,055 | 52,567,327 | -65.809 |
| Total Share Holders Equity (after deducting minority equity) | 371,003,242 | 353,030,187 | 5.091 |
| Profit (Loss) per Share | 0.47 | 1.75 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | The decrease in net income for the Fourth quarter of 2018 compared to the same quarter of 2017 of 63.18 % is mainly due to:
- The decrease in gross profit of SAR 6,377,717 due to the increase in operating cost equivalent to 84% compared to 79% for the same quarter last year, which is mainly due to an increase in labor cost starting from year 2018. - The current quarter includes impairment losses on intangible assets amounting to SR 1,050,000 arising from goodwill re-testing related to Subsidiary company (Amnco) acquisition on AMNCO Facilities Management Company (Previously called AL Hikma ). - The same quarter of the previous year includes gains on the sale of property and equipment amounting to SR 4,609,001 compared to realized losses of the sale of property and equipment amounting to SR 36,610 in the current quarter. - The same quarter of the previous year includes other income SR 4,085,289 compared to other revenue SR 259,349 in the current quarter |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The increase in net income for the Fourth quarter of 2018 compared to the previous quarter of 22.66 % is mainly due to:
-The decrease in general and administrative expenses of SAR 299,428 - Achieving investment income resulting from dividends of SR150,000 - The decrease in the provision for credit losses expected during the current quarter of SR 1,791,951 - The decrease in Loss on sale of property and equipment during the current quarter was SAR 234,148 |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | The decrease in net income during the Current period of 2018 comparing with the same period last year 2017 of 73% is mainly due to:
- The decrease in gross profit of SAR 33,760,127 due to the increase in operating cost, an increase equivalent to 85% compared to 77% for the same period last year, which is mainly due to an increase in labor cost starting from year 2018. - An increase in general and administrative expenses of SAR 4,878,970 is due to an increase in general and administrative expenses of Batic and its subsidiaries. - The current period includes impairment losses on intangible assets amounting to SR 1,050,000 arising from goodwill re-testing related to Subsidiary company (Amnco) acquisition on AMNCO Facilities Management Company (Previously called AL Hikma). - The same period of the previous year includes gains on the sale of property and equipment amounting to SR 4,711,095 compared to realized losses of sale of property and equipment amounting to SR 287,149 in the current period. - The same period of the previous year includes other income SR 6,686,796 compared to other revenue SR 1,243,124 in the current period. |
| Type of the external auditor's opinion | Unmodified opinion |
| Reclassifications in quarter financial result | Prior period figures have been re-classified to conform to the presentation in the current period. |
| Additional Information | -The profit per share was calculated for the current quarter, and the previous periods based on the updated number of shares, that is to reflect the increase in capital from 24m to 30m share through the bonus shares approved on April 29 2018. |
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