Al-Babtain Power and Telecommunication Co. reported an over twofold rise in net profit to SAR 98.3 million in the first nine months of 2023 from SAR 38.5 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 1,510.29 | 1,927.46 | 27.6 % |
| Gross Income | 143.93 | 257.76 | 79.1 % |
| Operating Income | 107.77 | 162.00 | 50.3 % |
| Net Income | 38.55 | 98.25 | 154.9 % |
| Average Shares | 63.95 | 63.95 | - |
| EPS (Riyals) | 0.60 | 1.54 | 154.9 % |
The profit growth was propelled by a 28% year-on-year (YoY) rise in sales. Profit margins expanded by 3.9%, raising operating profit by 95% YoY during the current nine-month period.
This was, however, offset by increased finance costs.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 740.17 | 757.66 | 2.4 % |
| Gross Income | 60.39 | 99.01 | 64.0 % |
| Operating Income | 32.65 | 84.78 | 159.7 % |
| Net Income | 18.39 | 43.37 | 135.9 % |
| Average Shares | 63.95 | 63.95 | - |
| EPS (Riyals) | 0.29 | 0.68 | 135.9 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 534.32 | 757.66 | 41.8 % |
| Gross Income | 97.74 | 99.01 | 1.3 % |
| Operating Income | 60.39 | 84.78 | 40.4 % |
| Net Income | 40.68 | 43.37 | 6.6 % |
| Average Shares | 63.95 | 63.95 | - |
| EPS (Riyals) | 0.64 | 0.68 | 6.6 % |
In Q3 2023, net earnings soared to SAR 43.4 million from SAR 18.4 million in the prior-year period, thanks to better sales and a YoY decline in the cost of goods sold.
Al-Babtain’s net profit grew 6.7% from SAR 40.7 million in Q2 2023, lifted by improved sales and lower general and administrative expenses.
Total shareholders’ equity, no minority interest, increased to SAR 921.58 million as of Sept. 30, 2023, from SAR 841.37 million in the prior-year period.
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