Al-Babtain’s 2023 profit rises to SAR 141.5M; Q4 at SAR 43.2M

30/03/2024 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co. reported a net profit rise to SAR 141.5 million in 2023, compared to SAR 52.6 million in 2022, on higher revenue as the company was awarded new projects while selling prices improved. Al-Babtain also cited increased operating profit.

Financials (M)

Item	2022	2023	Change‬
Revenues	2,197.06	2,490.49	13.4 %
Gross Income	268.60	397.34	47.9 %
Operating Income	137.26	272.99	98.9 %
Net Income	52.63	141.49	168.8 %
Average Shares	63.95	63.95	-
EPS (Riyals)	0.82	2.21	168.8 %

The fourth-quarter net earnings skyrocketed to SAR 43.3 million, compared to SAR 14.1 million in Q4 2022.

On a sequential basis, net profit slid 0.3% from SAR 43.37 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	686.77	563.04	(18.0 %)
Gross Income	124.67	139.58	12.0 %
Operating Income	83.03	110.99	33.7 %
Net Income	14.08	43.24	207.0 %
Average Shares	63.95	63.95	-
EPS (Riyals)	0.22	0.68	207.0 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	766.70	563.04	(26.6 %)
Gross Income	108.00	139.58	29.2 %
Operating Income	92.30	110.99	20.2 %
Net Income	43.37	43.24	(0.3 %)
Average Shares	63.95	63.95	-
EPS (Riyals)	0.68	0.68	(0.3 %)

Shareholders’ equity, after minority interest, reached SAR 905 million as of Dec. 31, 2023, up from SAR 823.2 million in the prior-year period.

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