Riyadh – Mubasher: Al Babtain Power and Telecommunication Company logged net profits after Zakat and tax valued at SAR 98.25 million in the first nine months (9M) of 2023, an annual hike of 155.19% from SAR 38.50 million.

Revenues increased by 27.62% year-on-year (YoY) to SAR 1.92 billion in January-September 2023 from SAR 1.52 billion, according to the interim financial results.

Earnings per share (EPS) hit SAR 2.30 in 9M-23, compared to SAR 0.90 a year earlier.

Financials for Q3-23

During the third quarter (Q3) of 2023, Al Babtain Power generated SAR 43.40 million in net profit after Zakat and tax, higher by 135.87% than SAR 18.40 million in Q3-22.

The revenues reached SAR 757.70 million in Q3-23, up 2.36% YoY from SAR 740.20 million.

On a quarterly basis, the Q3-23 net profits climbed by 6.63% from SAR 40.70 million in Q2-23, while the revenues enlarged by 41.81% from SAR 534.30 million.

Earlier in 2023, the listed company increased its capital to SAR 639.46 million from  SAR 426.31 million in line with its growth plans.