Batic Investments and Logistics Co. announces the interim consolidated financial results for the period ending on 31-03-2019 (Three months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 114,086,072 | 127,446,585 | -10.483 | 124,478,497 | -8.348 |
| Total Profit (Loss) | 17,233,704 | 18,296,679 | -5.809 | 19,301,648 | -10.713 |
| Profit (Loss) Operational | 4,656,575 | 6,213,938 | -25.062 | 7,263,007 | -35.886 |
| Net Profit (Loss) after Zakat and Tax | 1,937,247 | 3,948,632 | -50.938 | 4,573,508 | -57.641 |
| Total Comprehensive Income | 1,937,247 | 3,948,632 | -50.938 | 8,357,886 | -76.821 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after deducting minority equity) | 372,940,489 | 356,978,819 | 4.471 |
| Profit (Loss) per Share | 0.06 | 0.13 | |
| 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 first quarter of 2019 compared to the same quarter of 2018 of 50.94 % is mainly due to:
- The decrease in gross profit by SAR 1,062,975 due to the decrease in revenue of current quarter by 10.5% compared to the same quarter last year, which is mainly driven by decrease in the revenue from Feeding ATMs sector by SR 14,928,363 and Secured money transfer sector by SR 3,248,607.
- The increase in general and administrative expenses by SR 494,388 as a result of the increase in consulting fees related to the incompleted and terminated acquisition deal announced on March 31 2019.
- The increase in finance costs by SR 429,319 as a result of a loan financed from the bank to buy a commercial building for Batic and its’ subsidiaries in Riyadh City. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | The decrease in net income for the First quarter of 2019 compared to the previous quarter by 57.64 % is mainly due to:
- The decrease in gross profit by SAR 2,067,944 due to the decrease in revenue of current quarter by 8.35% compared to the previous quarter, which is mainly driven by decrease in the revenue from Feeding ATMs sector by SR 5,174,393 and Security guards sector by SR 3,784,988.
- The increase in general and administrative expenses by SR 538,488 as a result of the increase in consulting fees related to the incompleted and terminated acquisition deal announced on March 31 2019.
- The Increase in expenses related to provision of debit balances s by SR 510,951 compared to previous quarter.
- The increase in finance costs by SR 357,776 as a result of a loan financed from the bank to buy a commercial building for Batic and its’ subsidiaries in Riyadh City. |
| 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.
- Starting January, 1 2019, Company adopted international financial accounting standard 16. |
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