Al-Babtain H1 2022 profit down 35% to SAR 20.1 mln; Q2 at SAR 11.4 mln

25/08/2022 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co.’s net profit after Zakat and tax fell by 35% to SAR 20.1 million in H1 2022, compared to SAR 31 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	707.81	770.12	8.8 %
Gross Income	90.42	83.54	(7.6 %)
Operating Income	40.92	21.58	(47.3 %)
Net Income	31.00	20.16	(35.0 %)
Average Shares	63.95	63.95	-
EPS (Riyals)	0.48	0.32	(35.0 %)

The profit drop was attributed to an increase in the cost of sales ratio from 87% in H1 2021 to 89% in the current period, along with higher marketing and distribution expenses, as well as general and administrative expenses (G&A).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	385.77	358.61	(7.0 %)
Gross Income	47.12	46.42	(1.5 %)
Operating Income	23.53	9.83	(58.2 %)
Net Income	15.53	11.43	(26.4 %)
Average Shares	63.95	63.95	-
EPS (Riyals)	0.24	0.18	(26.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	411.52	358.61	(12.9 %)
Gross Income	37.12	46.42	25.0 %
Operating Income	11.75	9.83	(16.3 %)
Net Income	8.73	11.43	31.0 %
Average Shares	63.95	63.95	-
EPS (Riyals)	0.14	0.18	31.0 %

In Q2 2022, the company’s net profit after Zakat and tax dropped 26% to SAR 11.4 million, from SAR 15.5 million in the corresponding period of 2021, on higher G&A as well as selling and distribution expenses. Increased finance costs also weighed on the three-month results.

The company’s net profit jumped 31% from SAR 8.7 million in Q1 2022, driven by higher investments and other revenue.

Total shareholders’ equity, after minority interest, stood at SAR 835.1 million by the end of the six-month period, compared to SAR 835.2 million a year earlier.

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