Financial Results : Batic’s losses at SAR 56.6M in 2024, SAR 56.6M in Q4 on ceased contracts

Batic’s losses at SAR 56.6M in 2024, SAR 56.6M in Q4 on ceased contracts

27/03/2025 Argaam Exclusive

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Batic Investments and Logistics Co. deepened its net losses to SAR 56.6 million in 2024, from SAR 13.9 million a year ago.



Financials (M)

Item 2023 2024 Change‬
Revenues 480.57 482.21 0.3 %
Gross Income 57.43 61.53 7.1 %
Operating Income (5.05) 16.10 418.4 %
Net Income (13.89) (56.56) (307.2 %)
Average Shares 600.00 600.00 -
Earnings Per Share before unusual items (Riyals) (0.03) 0.00 100.7 %
EPS (Riyal) (0.02) (0.09) (307.2 %)

In 2024, the company recorded a one-off impairment provision of SAR 56.7 million on the value of tangible and intangible assets related to its subsidiary, Smart City Solutions Co.

 

Financing costs increased by 54% year-on-year (YoY) for the same year.

 

It is worth noting that 2023 included revenues from the sale of investment shares worth SAR 1.8 million.

 

This came although gross profit grew by 7% YoY, in addition to a slight annual hike in 2024 revenues.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 126.32 114.93 (9.0 %)
Gross Income 10.77 13.22 22.7 %
Operating Income (7.06) 1.49 121.1 %
Net Income (7.80) (56.61) (625.5 %)
Average Shares 600.00 600.00 -
Earnings Per Share before unusual items (Riyal) (0.01) 0.00 100.6 %
EPS (Riyal) (0.01) (0.09) (625.5 %)

In Q4 2024, Batic’s losses widened to SAR 56.61 million, from SAR 7.80 million in the corresponding period a year ago.

 

Sequentially, the company sharpened its net loss from SAR 792,000 in Q3 2024.

 

Total shareholders' equity, after minority interest, declined to SAR 397.15 million by the end of Dec. 31, 2024, compared to SAR 456.13 million a year ago.

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