Batic swings to SAR 24.7 mln loss in 9M 2022; Q3 at SAR 12.8 mln

Batic swings to SAR 24.7 mln loss in 9M 2022; Q3 at SAR 12.8 mln

10/11/2022 Argaam Exclusive

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Batic Investments and Logistics Co. swung to a net loss after Zakat and tax of SAR 24.7 million for the first nine months of 2022, against a net profit of SAR 601,000 a year earlier.

 

Gross profit dropped 13% year-on-year (YoY) to SAR 28.1 million, mainly due to the decrease in operating revenues during the current period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 355.91 314.26 (11.7 %)
Gross Income 32.45 27.02 (16.7 %)
Operating Income 3.25 (16.19) (598.5 %)
Net Income 0.60 (24.67) (4205.4 %)
Average Shares 584.96 600.00 2.6 %
EPS (Riyals) 0.00 (0.04) (4102.5 %)

The current period included expected credit loss expenses of SAR 7.7 million, compared to the reversal of a provision for expected credit losses of SAR 4.6 million for the prior-year period.

 

In addition, during the same period, financing costs (FC), as well as general and administrative expenses increased by 28% and 5% YoY, respectively.

 

In Q3 2022, the company turned to a net loss after Zakat and tax of SAR 12.8 million, against a net profit of SAR 470,000 million a year earlier. Gross profit fell by 38% YoY, while FC increased by 16% YoY.

 

Compared to Q2 2022, Batic’s net losses edged 0.5% higher from SAR 12.72 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 119.18 104.69 (12.2 %)
Gross Income 12.82 7.38 (42.5 %)
Operating Income 3.00 (9.04) (401.3 %)
Net Income 0.47 (12.79) (2827.5 %)
Average Shares 584.96 600.00 2.6 %
EPS (Riyals) 0.00 (0.02) (2759.1 %)

Total shareholders’ equity, after minority interest, rose to SAR 474.8 million by the end of the nine-month period, from SAR 358.6 million a year earlier.

 

Accumulated losses stood at SAR 30.265 million as of Sept. 30, 2022, representing 5% of the company’s capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 9.91 (2.6 %) 1.04 9.7 % (0.91) (515.6 %)
Q2 2013 10.62 (11.0 %) 0.73 (63.2 %) (1.26) (267.8 %)
Q3 2013 12.46 8.8 % 1.98 41.4 % (0.10) (124.5 %)
Q4 2013 13.11 16.4 % (0.23) (116.5 %) (5.24) (1,908.4 %)
Q1 2014 13.59 37.1 % 1.60 53.3 % (0.68) 25.1 %
Q2 2014 31.24 194.2 % 15.58 2039.4 % 13.08 1136.1 %
Q3 2014 52.48 321.3 % 29.40 1384.7 % 25.98 27449.5 %
Q4 2014 13.76 4.9 % 0.33 239.3 % (2.90) 44.6 %
Q1 2015 14.05 3.4 % 0.64 (60.2 %) (2.23) (229.4 %)
Q2 2015 116.03 271.4 % 38.83 149.3 % 31.83 143.4 %
Q3 2015 125.73 139.6 % 26.23 (10.8 %) 19.06 (26.7 %)
Q4 2015 118.31 760.0 % 21.28 6426.1 % 14.31 593.2 %
Q1 2016 112.82 703.2 % 22.43 3426.4 % 12.33 652.3 %
Q2 2016 109.49 (5.6 %) 18.52 (52.3 %) 8.71 (72.6 %)
Q3 2016 109.76 (12.7 %) 18.52 (29.4 %) 8.85 (53.6 %)
Q4 2016 110.03 (7.0 %) 17.82 (16.3 %) (2.35) (116.4 %)
Q1 2017 116.12 2.9 % 24.19 7.8 % 14.21 15.2 %
Q2 2017 121.08 10.6 % 26.85 45.0 % 17.53 101.2 %
Q3 2017 125.97 14.8 % 27.84 50.3 % 16.91 91.0 %
Q4 2017 122.84 11.6 % 32.45 82.2 % 17.09 828.7 %
Q1 2018 127.45 9.8 % 18.30 (24.3 %) 6.21 (56.3 %)
Q2 2018 128.12 5.8 % 19.83 (26.2 %) 5.82 (66.8 %)
Q3 2018 127.58 1.3 % 20.26 (27.2 %) 7.92 (53.1 %)
Q4 2018 124.48 1.3 % 19.18 (40.9 %) 7.14 (58.2 %)
Q1 2019 114.09 (10.5 %) 17.23 (5.8 %) 4.66 (25.1 %)
Q2 2019 117.78 (8.1 %) 16.15 (18.5 %) 5.06 (13.0 %)
Q3 2019 115.72 (9.3 %) 14.65 (27.7 %) 5.18 (34.6 %)
Q4 2019 116.36 (6.5 %) 12.44 (35.2 %) 1.35 (81.1 %)
Q1 2020 105.67 (7.4 %) 14.36 (16.7 %) (2.61) (156.0 %)
Q2 2020 98.05 (16.8 %) 4.97 (69.2 %) (6.79) (234.2 %)
Q3 2020 190.75 64.8 % 31.04 112.0 % 19.35 273.3 %
Q4 2020 122.50 5.3 % 10.02 (19.5 %) (12.00) (991.6 %)
Q1 2021 123.64 17.0 % 9.40 (34.6 %) (2.45) 6.1 %
Q2 2021 113.09 15.3 % 10.23 105.7 % 2.70 139.7 %
Q3 2021 119.18 (37.5 %) 12.82 (58.7 %) 3.00 (84.5 %)
Q4 2021 118.92 (2.9 %) 15.96 59.3 % (4.59) 61.8 %
Q1 2022 109.66 (11.3 %) 11.61 23.5 % (0.29) 88.0 %
Q2 2022 100.27 (11.3 %) 8.44 (17.5 %) (6.44) (339.0 %)
Q3 2022 104.69 (12.2 %) 7.38 (42.5 %) (9.04) (401.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 0.34 245.3 % 0.00 - 0.34 0.00
Q2 2013 4.68 212.1 % 0.01 - 4.68 0.01
Q3 2013 1.22 3.2 % 0.00 - 1.22 0.00
Q4 2013 81.36 46325.0 % 0.14 94.30 (12.94) (0.02)
Q1 2014 1.37 300.6 % 0.00 - 1.37 0.00
Q2 2014 12.97 176.9 % 0.02 - 12.97 0.02
Q3 2014 32.78 2595.5 % 0.06 - 32.78 0.06
Q4 2014 (3.11) (103.8 %) (0.01) 15.79 (18.90) (0.03)
Q1 2015 0.40 (70.7 %) 0.00 - 0.40 0.00
Q2 2015 20.29 56.4 % 0.03 (16.01) 36.30 0.06
Q3 2015 18.01 (45.0 %) 0.03 - 18.01 0.03
Q4 2015 12.61 505.6 % 0.02 4.78 7.84 0.01
Q1 2016 15.33 3704.0 % 0.03 4.90 10.43 0.02
Q2 2016 10.73 (47.1 %) 0.02 3.60 7.13 0.01
Q3 2016 7.33 (59.3 %) 0.01 - 7.33 0.01
Q4 2016 (16.56) (231.3 %) (0.03) (12.87) (3.69) (0.01)
Q1 2017 9.29 (39.4 %) 0.02 (1.79) 11.08 0.02
Q2 2017 16.05 49.6 % 0.03 - 16.05 0.03
Q3 2017 14.82 102.1 % 0.03 - 14.82 0.03
Q4 2017 12.42 175.0 % 0.02 0.18 12.24 0.02
Q1 2018 3.95 (57.5 %) 0.01 - 3.95 0.01
Q2 2018 1.94 (87.9 %) 0.00 - 1.94 0.00
Q3 2018 3.73 (74.8 %) 0.01 - 3.73 0.01
Q4 2018 4.57 (63.2 %) 0.01 (1.05) 5.62 0.01
Q1 2019 1.94 (50.9 %) 0.00 - 1.94 0.00
Q2 2019 1.80 (7.3 %) 0.00 - 1.80 0.00
Q3 2019 2.07 (44.6 %) 0.00 - 2.07 0.00
Q4 2019 1.10 (75.9 %) 0.00 - 1.10 0.00
Q1 2020 (3.11) (260.7 %) (0.01) - (3.11) (0.01)
Q2 2020 (7.20) (500.6 %) (0.01) - (7.20) (0.01)
Q3 2020 9.16 343.8 % 0.02 - 9.16 0.02
Q4 2020 (10.47) (1051.0 %) (0.02) - (10.47) (0.02)
Q1 2021 (3.23) (3.6 %) (0.01) - (3.23) (0.01)
Q2 2021 3.36 146.6 % 0.01 - 3.36 0.01
Q3 2021 0.47 (94.9 %) 0.00 - 0.47 0.00
Q4 2021 (10.25) 2.1 % (0.02) - (10.25) (0.02)
Q1 2022 0.84 126.1 % 0.00 - 0.84 0.00
Q2 2022 (12.72) (479.1 %) (0.02) - (12.72) (0.02)
Q3 2022 (12.79) (2827.5 %) (0.02) - (12.79) (0.02)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 13.11 % 21.51 % 6.39 %
Q2 2013 10.62 % 16.57 % 13.94 %
Q3 2013 11.69 % 14.83 % 13.71 %
Q4 2013 7.63 % 4.43 % (14.54 %)
Q1 2014 8.18 % 6.48 % (11.39 %)
Q2 2014 26.88 % 26.52 % 3.72 %
Q3 2014 41.97 % 41.35 % 30.95 %
Q4 2014 42.23 % 43.58 % 25.41 %
Q1 2015 41.19 % 42.65 % 24.44 %
Q2 2015 35.24 % 35.90 % 25.76 %
Q3 2015 24.49 % 25.51 % 13.29 %
Q4 2015 23.25 % 24.39 % 16.72 %
Q1 2016 23.00 % 23.01 % 15.35 %
Q2 2016 18.97 % 18.22 % 9.31 %
Q3 2016 17.93 % 16.18 % 7.27 %
Q4 2016 17.48 % 12.29 % 4.79 %
Q1 2017 17.75 % 12.55 % 4.90 %
Q2 2017 19.12 % 14.19 % 6.73 %
Q3 2017 20.43 % 15.48 % 8.08 %
Q4 2017 22.91 % 19.15 % 11.15 %
Q1 2018 21.20 % 17.30 % 9.46 %
Q2 2018 19.51 % 14.82 % 6.53 %
Q3 2018 17.95 % 13.08 % 4.32 %
Q4 2018 15.28 % 11.13 % 3.00 %
Q1 2019 15.48 % 11.13 % 2.68 %
Q2 2019 15.05 % 11.31 % 2.70 %
Q3 2019 14.24 % 11.10 % 2.42 %
Q4 2019 13.03 % 10.12 % 1.49 %
Q1 2020 12.64 % 8.71 % 0.41 %
Q2 2020 10.65 % 6.30 % (1.64 %)
Q3 2020 12.30 % 8.08 % (0.01 %)
Q4 2020 11.68 % 5.98 % (2.25 %)
Q1 2021 10.36 % 6.22 % (2.19 %)
Q2 2021 11.03 % 8.20 % (0.21 %)
Q3 2021 8.88 % 6.75 % (2.06 %)
Q4 2021 10.20 % 8.88 % (2.03 %)
Q1 2022 10.98 % 9.93 % (1.21 %)
Q2 2022 10.90 % 8.88 % (4.84 %)
Q3 2022 10.01 % 6.94 % (8.06 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 584.96 0.00 0.00 0.28
Q2 2013 584.96 0.01 0.01 0.28
Q3 2013 584.96 0.01 0.01 0.29
Q4 2013 584.96 0.15 (0.01) 0.41
Q1 2014 584.96 0.15 (0.01) 0.42
Q2 2014 584.96 0.17 0.00 0.41
Q3 2014 584.96 0.22 0.06 0.46
Q4 2014 584.96 0.08 0.05 0.42
Q1 2015 584.96 0.07 0.05 0.42
Q2 2015 584.96 0.09 0.09 0.45
Q3 2015 584.96 0.06 0.06 0.46
Q4 2015 584.96 0.09 0.11 0.48
Q1 2016 584.96 0.11 0.12 0.50
Q2 2016 584.96 0.10 0.07 0.52
Q3 2016 584.96 0.08 0.06 0.52
Q4 2016 584.96 0.03 0.04 0.52
Q1 2017 584.96 0.02 0.04 0.54
Q2 2017 584.96 0.03 0.05 0.56
Q3 2017 584.96 0.04 0.07 0.58
Q4 2017 584.96 0.09 0.09 0.60
Q1 2018 584.96 0.08 0.08 0.61
Q2 2018 584.96 0.06 0.06 0.61
Q3 2018 584.96 0.04 0.04 0.62
Q4 2018 584.96 0.02 0.03 0.63
Q1 2019 584.96 0.02 0.02 0.64
Q2 2019 584.96 0.02 0.02 0.64
Q3 2019 584.96 0.02 0.02 0.64
Q4 2019 584.96 0.01 0.01 0.64
Q1 2020 584.96 0.00 0.00 0.63
Q2 2020 584.96 (0.01) (0.01) 0.62
Q3 2020 584.96 0.00 0.00 0.64
Q4 2020 584.96 (0.02) (0.02) 0.61
Q1 2021 584.96 (0.02) (0.02) 0.61
Q2 2021 584.96 0.00 0.00 0.61
Q3 2021 584.96 (0.02) (0.02) 0.61
Q4 2021 584.96 (0.02) (0.02) 0.39
Q1 2022 600.00 (0.01) (0.01) 0.87
Q2 2022 600.00 (0.04) (0.04) 0.81
Q3 2022 600.00 (0.06) (0.06) 0.79

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 More than 100 More than 100 10.45
Q2 2013 More than 100 More than 100 8.98
Q3 2013 More than 100 More than 100 5.47
Q4 2013 9.02 NEG 3.32
Q1 2014 11.34 NEG 4.10
Q2 2014 10.07 More than 100 4.10
Q3 2014 8.89 33.42 4.21
Q4 2014 17.29 26.96 3.09
Q1 2015 21.83 34.47 3.80
Q2 2015 32.11 31.97 6.19
Q3 2015 34.52 34.30 4.55
Q4 2015 31.17 25.57 5.72
Q1 2016 17.15 15.65 3.90
Q2 2016 20.65 26.96 3.86
Q3 2016 20.91 29.39 3.15
Q4 2016 More than 100 85.16 5.88
Q1 2017 More than 100 77.64 5.41
Q2 2017 More than 100 52.41 4.95
Q3 2017 79.70 49.16 5.52
Q4 2017 32.43 31.47 4.83
Q1 2018 36.59 36.73 4.84
Q2 2018 47.84 48.10 4.41
Q3 2018 61.64 62.14 3.75
Q4 2018 More than 100 94.07 3.86
Q1 2019 More than 100 More than 100 3.84
Q2 2019 More than 100 97.87 3.42
Q3 2019 More than 100 More than 100 3.26
Q4 2019 More than 100 More than 100 2.94
Q1 2020 More than 100 More than 100 2.18
Q2 2020 NEG NEG 2.39
Q3 2020 NEG NEG 3.31
Q4 2020 NEG NEG 3.66
Q1 2021 NEG NEG 4.06
Q2 2021 NEG NEG 4.26
Q3 2021 NEG NEG 4.65
Q4 2021 NEG NEG 6.52
Q1 2022 NEG NEG 2.62
Q2 2022 NEG NEG 3.03
Q3 2022 NEG NEG 3.06

Business Segments (Million)

Compared With The
Period Security guard sector Transport sector ATM feeding sector Facility Management Sector Smart Parks Insured money transfer sector Real Estate department Supply of Medical Equipment communication and information technology Home Medical Services and Physiotherapy Counting and postal sector Other activities
Q1 2016 34.70 15.27 40.71 - - 18.94 - - - - 3.20 -
Q2 2016 30.97 19.52 39.87 - - 16.99 - - - - 2.15 -
Q3 2016 30.88 15.61 42.31 - - 18.77 - - - - 2.20 -
Q4 2016 29.85 12.83 46.67 - - 18.47 - - - - 2.21 -
Q1 2017 32.94 13.37 47.70 - - 19.14 - - - - 2.97 -
Q2 2017 33.27 14.66 49.49 - - 20.50 - - - - 3.16 -
Q3 2017 38.44 13.58 50.65 0.47 - 19.80 - - - - 3.02 -
Q4 2017 40.07 13.57 47.96 0.47 - 17.80 - - - - 2.97 -
Q1 2018 48.31 12.38 47.36 0.38 - 19.01 - - - - - -
Q2 2018 49.30 13.62 42.31 0.41 - 22.48 - - - - - -
Q3 2018 52.07 15.53 40.78 0.76 - 18.44 - - - - - -
Q4 2018 53.79 15.70 37.60 0.68 - 16.71 - - - - - -
Q1 2019 50.00 14.89 32.43 0.64 - 15.76 0.36 - - - - -
Q2 2019 51.71 17.47 30.76 0.89 - 16.54 0.39 - - - - -
Q3 2019 50.16 17.28 30.10 1.55 - 16.25 0.41 - - - - -
Q4 2019 57.24 15.80 26.59 0.76 - 15.54 2.30 - - - - (1.87)
Q1 2020 42.66 15.45 32.27 1.57 - 14.19 0.88 - - - - (1.34)
Q2 2020 35.70 17.07 32.49 (0.49) - 11.89 0.01 - - - - -
Q3 2020 41.58 16.63 31.44 1.12 - 13.80 0.42 85.76 - - - -
Q4 2020 40.31 16.83 33.24 5.16 19.88 14.60 2.39 (3.40) - - - (6.52)
Q1 2021 41.24 17.28 33.65 3.44 15.66 14.01 0.98 - - - - (2.62)
Q2 2021 39.50 18.23 32.04 4.39 6.30 14.61 0.98 - - - - (3.63)
Q3 2021 39.73 16.18 32.44 5.81 11.03 15.65 0.98 - - 0.46 - (3.09)
Q4 2021 38.59 16.41 32.09 9.17 8.13 14.26 1.01 - - 0.41 - (1.15)
Q1 2022 32.92 19.33 27.36 8.88 11.60 11.40 0.97 - - 0.43 - (3.23)
Q2 2022 23.40 23.28 20.42 10.16 12.84 9.99 0.97 - - 0.28 - (1.43)
Q3 2022 25.36 22.73 18.40 11.03 16.07 11.69 0.97 - - 0.21 - (1.78)


Financial Ratios
Current
Market Cap (M Riyal) 2,154.00
Enterprise Value (EV) (M) 2,223.98
Shares Outstanding ((M)) 600.00
EPS ( Riyal) (TTM) (0.01)
Book Value (BV) ( Riyal) 0.76
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.72
Return on Average Assets (%) (TTM) (0.52 )
Return on Average Equity (%) (TTM) (1.69 )
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Share Price

Batic Investments and Logistics Co.
3.59
(0.12) (3.23 %)

Batic Investments and Logistics Co. (BATIC)

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