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Batic Investments shifts to losses in 9M-22; accumulated losses hit 5% of capital

Batic Investments shifts to losses in 9M-22; accumulated losses hit 5% of capital
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Riyadh – Mubasher: Batic Investments and Logistics Company swung to net losses after Zakat and tax worth SAR 24.67 million in the first nine months (9M) of 2022, against net profits of SAR 600,574 in the year-ago period.

Revenues declined by 11.36% year-on-year (YoY) to SAR 315.48 million in the January-September 2022 period, compared to SAR 355.90 million, according to the initial income statements.

The loss per share stood at SAR 0.42 in 9M-22, versus earnings per share (EPS) of SAR 0.02 in 9M-21.

In addition, the accumulated losses amounted to SAR 30.26 million as of 30 September 2022, accounting for 5% of the SAR 600 million capital.

During the third quarter (Q3) of 2022, Batic Investments turned to net losses after Zakat and tax worth SAR 12.79 million, compared to net profits of SAR 469,334 in Q3-21.

Meanwhile, the Q3-22 revenues shrank by 11.56% YoY to SAR 105.39 million from SAR 119.17 million.

On a quarterly basis, the Q3-22 net losses after Zakat and tax edged up by 0.54% from SAR 12.72 million in Q2-22, whereas the revenues grew by 4.96% from SAR 100.42 million.

In the first half (H1) of 2022, the Saudi company shifted to net losses after Zakat and tax worth SAR 11.88 million, compared to a net profit of SAR 131,242 during the January-June 2021 period.