Strong Egypt performance lifted Q2 profit, says Al Babtain

Al-Babtain Power and Telecommunication Co.’s Q2 net profit was driven mainly by improved performance of the Egyptian unit as the power transmission segment won several contracts, chairman Ibrahim Al Babtain told Argaam in an exclusive on Sunday.

In addition, the company managed to cut costs by at least 10 percent in the first half of the year, thanks to its successful cost management policy adopted in early 2017.

Through this policy, Al Babtain aims to enhance its competitive ability in the Saudi, GCC, Egyptian and North African markets.

Al Babtain said the engineering firm has set up two limited liability companies operating in solar and wind energy, as part of its push to focus on renewable energy in the short term, in line with the Saudi Vision 2030.

“I believe new renewable energy projects will be offered inside and outside the Kingdom in the near term,” Al Babtain added.

Net profit for the second quarter grew by 3 percent year-on-year to SAR 41.2 million.