Al-Babtain net profit surges to SAR 54.9 mln in H1 2023; Q2 at SAR 41 mln

13/08/2023 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co.
42.75
(3.55) (7.67 %)

Al-Babtain Power and Telecommunication Co. (ALBABTAIN)

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Al-Babtain Power and Telecommunication Co. posted a net profit of SAR 54.9 million in H1 2023, up from SAR 20.2 million in the year-ago period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 770.12 1,169.80 51.9 %
Gross Income 83.54 158.75 90.0 %
Operating Income 21.58 89.04 312.6 %
Net Income 20.16 54.88 172.3 %
Average Shares 63.95 63.95 -
EPS (Riyals) 0.32 0.86 172.3 %

The profit rise was spurred by a 51.9% year-on-year (YoY) sales hike, lower production costs and improved selling prices.

 

In Q2 2023, the company's net profit more than tripled to SAR 41 million from SAR 11.43 million in Q2 2022.

 

Sequentially, net profit leapt from SAR 14.20 million in Q1 2023, driven by lower production costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 358.61 534.32 49.0 %
Gross Income 46.42 97.74 110.6 %
Operating Income 9.83 60.39 514.1 %
Net Income 11.43 40.68 255.9 %
Average Shares 63.95 63.95 -
EPS (Riyals) 0.18 0.64 255.9 %

Shareholders’ equity, after minority interest, stood at SAR 849 million as of June 30, 2023, compared to SAR 835.16 million a year earlier.

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