Riyadh – Mubasher: Batic Investments and Logistics Company revealed its interim consolidated financial results for the third quarter of 2019.

Net profits after zakat and tax fell by 44.6% year-on-year to SAR 2.06 million in Q3-19, according to a bourse statement on Thursday.

The drop in profits was attributed to the decrease in revenues and the increase in finance costs.

Total revenues plunged by 9% to SAR 115.7 million in Q3-19, compared to SAR 127.5 million in Q3-18.

For the first nine months of 2019, net profits of Batic retreated by SAR 39.6% to SAR 5.79 million, from SAR 9.6 million in the same period last year.

On a yearly basis, revenues declined by 9.28% to SAR 347.5 million in nine months.