The financial statements of Batech Investment and Logistics showed that the company had shifted losses in the first nine months of this year compared to the profits of the same period in 2019.
According to the company's results for the Saudi market (Tadawul), today, Monday, losses for the period amounted to 1.15 million riyals, compared to profits of 5.8 million riyals for the first nine months of last year.
The company attributed the negative shift in results during the comparison periods to 3 factors, the first of which is the increase in the formation of expected credit loss provisions by 138%, which amounted to 8.73 million during the current period. Riyals compared to 3.66 million riyals for the same period of the previous year.
The second factor is the increase in financing costs 145% to reach the current period of 4.54 million yal compared to 1.86 million riyals in the same period of the previous year, as a result of the increase in bank financing Affiliated companies with the aim of financing the implementation of the smart parking project in the Eastern Province and the purchase and supply of medical equipment and the purchase of a fleet.
and for the third factor, which is the increase in the share of non-controlling equity by 699% to reach by the end of the current period 4.53 million riyals compared to 567.46 thousand riyals in the same period of 2019 .
At the level of the third quarter of this year, the company achieved profits of 9.16 million riyals, compared to profits of 2.07 million riyals for the same period last year, an increase of 343.7% .
