Riyadh – Mubasher: Al Babtain Power and Telecommunication on Thursday said its net profits rose 3.3% year-on-year in the second quarter of 2017.

Net profits amounted to SAR 41.2 million in Q2-17, compared to SAR 39.9 million in Q2-16, according to a bourse filing.

Quarter-on-quarter, net profits grew 5.4%.

The Tadawul-listed firm attributed the growth in its year-on-year net profits to the increase of other revenues and the decrease in general and administrative expenses.

Sales inched up 0.3% to SAR 340.4 million in Q2-17, from SAR 339.3 million in the year-ago period.

At the level of the first six months of 2017 net profits levelled up 0.9% to reach SAR 80.3 million, compared to SAR 79.6 million in H1-16.

Sales retreated 7% to SAR 630.4 million in H1-17, from SAR 678.1 million in the corresponding period in the year before.

Earlier on Thursday, Al Babtain Power and Telecommunication’s board of directors approved distributing cash dividends at SAR 1 per share for the first half of 2017.

Total distributions amounted to SAR 42.6 billion, making up 10 % of the share’s par value.

Eligibility will be for shareholders registered at the depository centre at the end of trading on Thursday, 20 August, while distributions date will be specified later.

Dividends will be distributed through Arab National Bank (ANB) of Saudi Arabia.

The stock edged up 0.04%, closing at SAR 26.40 on Thursday.