Riyadh – Mubasher: Al Babtain Power Telecommunication Co on Thursday reported a 53% year-on-year decrease in profits during the full-year 2018.

The firm’s net profits after calculating Zakat and Tax amounted to SAR 69.7 million from January to December 2018, down from SAR 147.2 million in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

Al Babtain attributed the large drop in 2018 profit to a decline in sales, lower profit margin, coupled with a slowdown in implementing projects due to economic conditions.

Sales slid 15% to SAR 1.083 billion last year, from SAR 1.28 billion in 2017, while operational profits slumped 63%, reaching SAR 52.4 million, compared to SAR 142.2 million.

The value of total shareholders’ equity, after excluding the minority interest, went down 3%, logging SAR 772.9 million in 2018, versus SAR 796.9 million in the year before.

Earnings per share (EPS) hit SAR 1.64 last year, down from SAR 3.45 in 2017.

The company’s losses fell to SAR 7.2 million by the end of the fourth quarter of 2018, from SAR 19.7 million in Q4-17, according to data compiled by Mubasher.

On Monday, the firm inked a six-month contract at a value of SAR 61.15 million ($16.31 billion) to provide solar power steel structures to Baynouna solar project in Jordan.

By 10:39 am Saudi time, Al Babtain Power Telecommunication Co’s stock tumbled 1.01% to SAR 23.60.