Batic Investments and Logistics Co. announces the interim consolidated financial results for the period ending on 30-06-2020 (Six Months)
Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
---|---|---|---|---|---|
Sales/Revenue | 98,051,948 | 117,781,564 | -16.751 | 105,669,691 | -7.209 |
Gross Profit (Loss) | 4,972,241 | 16,154,260 | -69.22 | 14,362,543 | -65.38 |
Operational Profit (Loss) | -5,766,173 | 5,059,795 | - | 3,346,406 | - |
Net Profit (Loss) after Zakat and Tax | -7,199,350 | 1,796,925 | - | -3,113,384 | 131.238 |
Total Comprehensive Income | -7,199,350 | 1,796,925 | - | -3,113,384 | 131.238 |
All figures are in (Actual) Saudi Arabia, Riyals |
Element List | Current Period | Similar period for previous year | %Change |
---|---|---|---|
Sales/Revenue | 203,681,981 | 231,867,636 | -12.155 |
Gross Profit (Loss) | 19,295,126 | 33,038,289 | -41.597 |
Operational Profit (Loss) | -2,419,769 | 9,716,370 | - |
Net Profit (Loss) after Zakat and Tax | -10,312,814 | 3,734,172 | - |
Total Comprehensive Income | -10,312,814 | 3,734,172 | - |
Total Share Holders Equity (after Deducting Minority Equity) | 363,285,041 | 374,737,414 | -3.056 |
Profit (Loss) per Share | -0.34 | 0.12 | |
All figures are in (Actual) Saudi Arabia, Riyals |
Element List | Explanation |
---|---|
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The reason for achieving net loss during the current quarter compared to net profit during the same quarter of the previous year is mainly due to:
- The decrease in total profit by SAR 11,182,019 due to the decrease in revenue of current quarter by 16.75% compared to the same quarter of the previous year Whereas, with the spread of the Corona virus, COVID-19, in the Kingdom, the Kingdom's government has implemented many precautionary measures to limit the spread of the virus, which was the reason for the decrease in revenues in some operational sectors in one of the subsidiary companies. - The increase in finance costs by SR 569,274 as a result of a loan borrowed from the bank for one of the subsidiaries in order to implement smart parking project in the Eastern region. |
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The increase in net loss for the second quarter of 2020 compared to the previous quarter is mainly due to:
- The decrease in total profit by SAR 9,390,302 due to the decrease in revenue of current quarter by 7.21% compared to the previous quarter, Whereas with the spread of the Corona virus, COVID-19, in the Kingdom, the Kingdom's government has implemented many precautionary measures to limit the spread of the virus, which was the reason for the decrease in revenues in some operational sectors in one of the subsidiary companies. - Achieving other revenues during the previous quarter of 757,186 SR compared to other revenues during the current quarter of 67,949 SR |
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | The reason for achieving net loss during the current Period compared to net profit during the same Period of the previous year is mainly due to:
- The decrease in total profit by SAR 13,743,163 due to the decrease in revenue of current Period by 12.16 % compared to the same Period of the previous year Whereas, with the spread of the Corona virus, COVID-19, in the Kingdom, the Kingdom's government has implemented many precautionary measures to limit the spread of the virus, which was the reason for the decrease in revenues in some operational sectors in one of the subsidiary companies. - The increase of the provision of expected credit loss by 250.53 % where the provision of expected credit loss during this Period amounting to SAR 6,980,356 compared to SAR 1,991,400 for the same Period of the previous year - The increase in finance costs by SR 1,398,333 as a result of a loan borrowed from the bank for one of the subsidiaries in order to implement smart parking project in the Eastern region. |
Basis of the External Auditor's Opinion | Unmodified opinion |
Reclassification of Comparison Items | Prior period figures have been re-classified to conform to the presentation in the current period. |
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