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Batic Investments and Logistics Co. Announces an update on the signing of a memorandum of understanding to form an alliance for the purpose of applying for qualification to enter the competition for the construction and management of parking in the Olaya district in Riyadh

BATC Investment and Logistics Company announces that on Thursday, January 28, 2021, the extension of the previously signing of a memorandum of understanding with ALMARSHAD GROUP HOLDING and Smart Cities Solutions Compamy
to form an alliance for the purpose of applying for qualification to enter the competition for the construction and management of parking in the Olaya district in Riyadh for a period of three months ending on 29/04/2021 (Nine Months)

Batic Investments and Logistics Co. Announces an update on the signing of a memorandum of understanding to form an alliance for the purpose of applying for qualification to enter the competition for the construction and management of parking in the Olaya district in Riyadh

Batic Investments and Logistics Co. announces the interim consolidated financial results for the period ending on 30-09-2020 (Nine Months)

Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reason for increasing the net profits during the current quarter compared to net profit for the same quarter of the previous year by 344% is mainly due to:
– The increase in Operating profit by SAR 15,919,043 (307%) compared to the same quarter of the previous year due to increase the revenue by 65% and increase Total profit by 112% because of the contribution of the revenue from supplying medical equipment sector through one of the subsidiaries.

– The increase in other revenue for the current quarter by SAR 558,976 (142%) compared to the same quarter last year.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for achieving net income for the current quarter compared to the net loss in the previous quarter is mainly due to:
– The increase in total profit by SAR 26,071,865 (524%) compared to the previous quarter due to increase the revenue by 95% and because of the contribution of the revenue from supplying medical equipment sector through one of the subsidiaries.

– The increase in other revenue for the current quarter by SAR 885,924 (1304%) compared to the previous quarter.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reason for achieving net loss during the current Period compared to net profit during the same Period of the previous year is mainly due to:
– The increase of the provision of expected credit loss by 138 % where the provision of expected credit loss during this period amounting to SAR 8,729,272 compared to SAR 3,661,400 for the same period of the previous year.

– The increase in finance costs by 145% where the finance costs amounting to SAR 4,540,237 compared to SAR 1,856,046 for during the same Period of the previous year as a result of a loan borrowed from the bank for one of the subsidiaries in order to implement smart parking project in the Eastern region in addition to supplying of Medical equipment and purchasing new fleet.

– The increase of non-controlling interest by 699% which the non-controlling interest amounting SAR 4,533,754 during the current period compared to SAR 567,456 for same period of the last year.

Basis of the External Auditor’s Opinion Unmodified opinion
Reclassification of Comparison Items Prior period figures have been re-classified to conform to the presentation in the current period.

General Assembly Meeting

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Batic Company announced a new investment in advanced medical industries

BATIC Investment, Logistics, Security and Digital Solutions, Management and Operation of Facilities and Smart Cities Company announces that it has concluded a new partnership deal with AlShifa Medical Technology Company on June 28, 2020. BATIC has established AlShifa Technology Company Limited in the Kingdom of Saudi Arabia with headquarters in Riyadh. BATIC holds 60% of shares while AlShifa Medical Technology Company holds 40% of shares of the capital and its main activity focuses on importing and selling wholesale and retail of medical devices and supplies. The foundation will be funded from the company’s own resources and the impact will be reflected in the company’s financial statements during the second half of this year.
It is worth mentioning that the newly established companys businesses cover the import and distribution of medical devices and products and agreements with the National Consolidated Purchase Company and King Salman Center for Relief and Humanitarian Works with total amounts of 85.755.600 SR eighty five million seven hundred and fifty five thousand and six hundred riyals as well as major contracts and agreements under consideration.

 

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