Batic Q1 2025 profit lands at SAR 12.4M on contract cancellation gains

Batic Investments and Logistics Co. reported a net profit of SAR 12.4 million for Q1 2025, skyrocketing 678% from SAR 1.6 million in the year-earlier period.

The sharp hike in Q1 profit was attributed mainly to a 343% year-on-year (YoY) jump in operating profit to SAR 18.4 million, driven by SAR 19.6 million in net gains from contract cancellations.

Revenue from facilities management, land transport, cash-in-transit, and real estate investments rose 26%, 7%, 3%, and 41% YoY, respectively.

Provisions for impairment on financial assets also dropped 70% to SAR 450,000 in Q1 2025, from SAR 1.5 million in Q1 2024.

This came despite a decline in the first-quarter topline, weighed by a 40% YoY drop in revenues from the smart parking segment, 8% in security services, and 15% in ATM replenishment. Financing costs also rose 30% YoY in Q1 2025, with unrealized gains from fair-value-through-profit-or-loss (FVTPL) investments down 52% YoY for the same period.

Sequentially, the company swung to profit from losses of SAR 56.61 million in Q4 2024. This was due to the quarter-on-quarter (QoQ) hike in revenue from security services (+38%), land transport (+16%), facilities management (+13%), cash-in-transit (+10%), and real estate investments (+37%). Impairment provisions dropped to SAR 450,000 from SAR 1.5 million, while financing costs declined 18%.

This was despite a 1% QoQ dip in operating revenue, given the 4% and 53% quarterly pullback in revenues from the ATM replenishment and smart parking segments, respectively. Unrealized gains from FVTPL investments also declined 64% versus the previous quarter.

Total shareholders’ equity, after minority interest, stood at SAR 409.57 million by March 31, 2025, compared to SAR 457.72 million a year earlier.

By the end of Q1 2025, accumulated losses totaled SAR 45.7 million, accounting for 7.6% of Batic’s capital.

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