Al-Bubtain Power and Telecommunication said it was setting aside provisions for facing any future burdens resulting from the restructuring of its France-based subsidiary.
Al-Bubtain announced a plan in March to restructure the unit, and has accumulated around SAR 70 million in provisions since then.
|
Growth of Provisions in 2014 |
|||
|
Q1 |
Q2 |
Q3 |
|
|
Net profit (million riyals) |
22.2 |
39.0 |
14.9 |
|
Provisions (million riyals) |
( 15.0 ) |
( 10.0 ) |
( 45.0 ) |
|
Profit after deduction of provisions (million riyals) |
37.2 |
49.0 |
59.9 |
The company posted net profit of SAR 76.1 million in the first nine months of 2014, eight percent higher than the same period last year.
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