Al-Babtain 9M 2021 net profit drops 16% to SAR 43.7 mln

11/11/2021 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co. posted a net profit after Zakat and tax of SAR 43.7 million for the nine-month period ended Sept. 30, 2021, a drop of 16% from SAR 52.1 million in the year-earlier period.

The lower profit came due to an increase in the cost of sales ratio from 85.9% in the corresponding period of 2020 to 87.6% during the current period, as well as higher general and administrative expenses (G&A), Zakat charges and estimated income tax.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,036.79	1,049.58	1.2 %
Gross Income	145.78	130.10	(10.8 %)
Operating Income	71.96	55.65	(22.7 %)
Net Income	52.05	43.65	(16.1 %)
Average Shares	63.95	63.95	-
EPS (Riyals)	0.81	0.68	(16.1 %)

In Q3 2021, net profit after Zakat and tax dropped 17% to SAR 12.7 million from SAR 15.3 million a year earlier, hit by higher cost of sales ratio and G&A.

On a sequential basis, Q3 net profit decreased by 18.5% from SAR 15.5 million in the second quarter of the year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	353.06	341.77	(3.2 %)
Gross Income	46.67	39.67	(15.0 %)
Operating Income	22.71	14.73	(35.1 %)
Net Income	15.31	12.65	(17.4 %)
Average Shares	63.95	63.95	-
EPS (Riyals)	0.24	0.20	(17.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	385.77	341.77	(11.4 %)
Gross Income	47.12	39.67	(15.8 %)
Operating Income	23.53	14.73	(37.4 %)
Net Income	15.53	12.65	(18.5 %)
Average Shares	63.95	63.95	-
EPS (Riyals)	0.24	0.20	(18.5 %)

Shareholders’ equity, after minority interest, reached SAR 772.8 million in the nine-month period, from SAR 776.5 million a year earlier.

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