Saudi: Batic Investments unveils 93% plunge in Q1-23 profits, accumulated losses

PHOTO

Batic Investments and Logistics Company recorded 93.39% lower net profits after Zakat and tax at SAR 55,671 in the first quarter (Q1) of 2023, versus SAR 842,232 in Q1-22.

The revenues hit SAR 114.20 million in the January-March 2023 period, higher by 4.14% year-on-year (YoY) than SAR 109.66 million, according to the interim consolidated financial results.

On a quarterly basis, Batic Investments turned profitable in Q1-23 against net losses after Zakat and tax valued at SAR 6.16 million in Q4-22. Meanwhile, the revenues grew by 1.96% from SAR 122 million.

Accumulated Losses

The incurred accumulated losses amounted to SAR 39.85 million as of 31 March 2023, representing 6.60% of the SAR 600 million capital.

Last year, the company’s net losses after Zakat and tax enlarged by 219.59% to SAR 30.83 million from SAR 9.64 million in 2021.