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Al Babtain Power records SAR 15.5m net profit in Q1

Al Babtain Power records SAR 15.5m net profit in Q1
Earnings per share stood at SAR 0.36 in Q1-21
ALBABTAIN
2320
-1.25% 39.50 -0.50

Riyadh – Mubasher: Al Babtain Power and Telecommunication Company achieved a 9% increase in net profit after Zakat and tax at SAR 15.5 million during the first quarter (Q1) of 2021, compared to SAR 14.2 million in the same period a year earlier.

Earnings per share stood at SAR 0.36 in Q1-21, compared with SAR 0.33 in Q1-20, according to the interim income statements.

Al Babtain Power attributed the annual decline in net profits to a decrease in sales cost from 88.5% to be 86.6% as well as to lower marketing expenses, finance, zakat, and taxes expenses in Q1-21, in addition to an increase in other income.

Revenues meanwhile plunged 17% year-on-year (YoY) to SAR 322 million in Q1-21 from SAR 389.6 million in Q1-20.

On a quarterly basis, the net profit in Q1-21 was down by 45% from SAR 28.3 million in the fourth quarter (Q4) of 2020.

The revenues in the first three months of 2021 were also lower by 8% when compared to SAR 350.3 million in Q4-20.