Al-Babtain net profit surges to SAR 54.9 mln in H1 2023; Q2 at SAR 41 mln

13/08/2023 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co. posted a net profit of SAR 54.9 million in H1 2023, up from SAR 20.2 million in the year-ago period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	770.12	1,172.70	52.3 %
Gross Income	83.54	161.65	93.5 %
Operating Income	21.58	91.94	326.0 %
Net Income	20.16	54.88	172.3 %
Average Shares	63.95	63.95	-
EPS (Riyals)	0.32	0.86	172.3 %

The profit rise was spurred by a 51.9% year-on-year (YoY) sales hike, lower production costs and improved selling prices.

In Q2 2023, the company's net profit more than tripled to SAR 41 million from SAR 11.43 million in Q2 2022.

Sequentially, net profit leapt from SAR 14.20 million in Q1 2023, driven by lower production costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	358.61	533.59	48.8 %
Gross Income	46.42	97.01	109.0 %
Operating Income	9.83	59.66	506.7 %
Net Income	11.43	40.68	255.9 %
Average Shares	63.95	63.95	-
EPS (Riyals)	0.18	0.64	255.9 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	639.11	533.59	(16.5 %)
Gross Income	64.64	97.01	50.1 %
Operating Income	32.28	59.66	84.8 %
Net Income	14.20	40.68	186.5 %
Average Shares	63.95	63.95	-
EPS (Riyals)	0.22	0.64	186.5 %

Shareholders’ equity, after minority interest, stood at SAR 849 million as of June 30, 2023, compared to SAR 835.16 million a year earlier.

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