Al Babtain profits fell to SR12.6 mln during the 3Q, down 17%

Al Babtain Power and Telecommunication Company net profit after zakat and tax decreased to SR12.65 million during the third quarter, compared to SR15.31 million during the same quarter of the previous year, at a rate of 17.37%.

This came after Al Babtain Power and telecommunication company announced its interim financial results for the period ending on 2021-09-30 (nine months).

The operational profit amounted to SR14.39 million during the third quarter, compared to SR22.71 million during the same quarter of the previous year, a decline of 36.63%.

The gross profit amounted to SR39.67 million riyals during the third quarter, compared to SR46.67 million during the same quarter of the previous year, a decrease of 14.99%.

Profits per share during the current period amounted to SR1.02 riyals, compared to SR1.22 during the same period of the previous year.

The reason for the decrease in net profits during the current quarter compared to the same quarter of the previous year is due to the increase in the cost of sales ratio from 86.8% in the same quarter of the previous year to 88.4% during the current quarter and the increase in general and administrative expenses and financing costs.

The reason for the decrease in net profits during the current quarter compared to the previous quarter is due to the increase in the cost of sales percentage from 87.8% in the previous quarter to 88.4% during the current quarter, a rise in general and administrative expenses, financing costs, and a decrease in other revenues.

The reason for the decrease in net profits during the current period compared to the same period of the previous year is due to the increase in the cost of sales ratio from 85.9 % in the comparison period of the previous year to 87.6% during the current period and the increase in general and administrative expenses, zakat expense and estimated income tax.