Batic Investments turns to profitability in Q1-22 initial financials, unveils accumulated losses

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Riyadh – Batic Investments and Logistics Company has achieved net profits after Zakat and tax worth SAR 842,232 in the first quarter (Q1) of 2022, versus net losses of SAR 3.22 million in Q1-21.

Revenues fell by 11.30% to SAR 109.66 million in Q1-22, compared to SAR 123.63 million in the year-ago period, according to a bourse filing on Monday.

The earnings per share (EPS) stood at SAR 0.02 in the first three months (3M) of 2022, versus a loss per share of SAR 0.11 during the same period in 2021.

On a quarterly basis, the revenues in Q1-22 plunged by 24.13% from SAR 144.55 million in Q4-21, while the Saudi listed firm turned profitable against losses of SAR 9.99 million in Q4-21.

Meanwhile, the accumulated losses totalled SAR 544,719 that represented 0.09% of the SAR 600 million capital at the end of Q1-22.

In 2021, Batic Investments reported net losses after Zakat and tax worth SAR 9.64 million, a 16.95% year-on-year (YoY) drop from SAR 11.61 million.