Riyadh – Mubasher: Batelco Investment and Logistics Company (BATEC) reported a 678.18% year-on-year (YoY) jump in profits during the first quarter of 2025.

According to the company's financial data, released on Tadawul on Monday, net profit reached SAR 12.42 million, compared to SAR 1.6 million in the first quarter of 2024.

The company attributed the increase in net profit to a 343% increase in operating profit, which reached SAR 18.4 million, primarily due to a net gain of SAR 19.6 million from contract cancellations recorded during the current quarter.

Net profit also increased, supported by a 70% decrease in the provision for impairment of financial assets, which amounted to SAR 450,000 during the current quarter, compared to a provision for impairment of financial assets of SAR 1.5 million during the same quarter of 2024.

On a quarterly basis, BATIC turned profitable, compared to the previous quarter, during which it recorded losses of SAR 56.61 million.

The company's revenues decreased by 8.53% year-on-year in the first quarter of 2025, reaching SAR 113.7 million, compared to SAR 124.3 million in the same quarter last year.