Riyadh – Mubasher: Batic Investments and Logistics Company (Batic) reported a 51.37% year-on-year slide in its net profits during 2019.
The Saudi firm’s net profits after Zakat and tax declined to SAR 6.9 million last year from SAR 14.2 million in 2018, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The profit drop was ascribed to lower revenues and higher financing costs due to a loan borrowed to purchase a commercial building in in Riyadh, along with an increase in capital losses, the statement showed.
The company’s revenues fell to SAR 463.95 million in 2019, compared to SAR 507.63 million in the previous year.
As for the fourth quarter of 2019, Batic’s net profits plunged to SAR 1.1 million from SAR 4.57 million in the year-ago period.
It is noteworthy that during the first nine months of 2019, the Saudi company’s net profits dropped to SAR 5.79 million from SAR 9.6 million in the corresponding period a year earlier.
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