Riyadh – Mubasher: Al Babtain Power and Telecommunication Company (Al Babtain) reported a 127.17% year-on-year profit hike during the third quarter of 2019.

Net profits surged to SAR 20.9 million in the three-month period ended 30 September, compared to SAR 9.2 million in the year-ago period, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Monday.

The profit rise was ascribed to higher sales and other revenues as well as a drop in financing expenses.

As for the first nine months of 2019, Al Babtain logged a net profit of SAR 61.6 million, up 25.17% from SAR 49 million in the corresponding period of 2018.

In addition, the Saudi firm’s board of directors recommended a cash dividend distribution of SAR 0.5 per share, totalling SAR 21.3 million for 42.63 million shares.

The eligibility for dividends will be for shareholders owning shares at the end of 20 November and registered at the end of the second day following the eligibility date.

The date of dividend distribution will be announced later.