Financial Results : Al-Babtain Q1 2024 profit soars to SAR 82.6M

Al-Babtain Q1 2024 profit soars to SAR 82.6M

19/05/2024 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co. reported a net profit of SAR 82.6 million for Q1 2024, compared with SAR 14.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 639.11 699.55 9.5 %
Gross Income 64.64 109.39 69.2 %
Operating Income 32.28 70.88 119.6 %
Net Income 14.20 82.60 481.8 %
Average Shares 63.95 63.95 -
EPS (Riyals) 0.22 1.29 481.8 %
The profit surge was propelled by a 9% revenue rise year-on-year (YoY) due to the improved performance of the tower and steel structures segment as well as the solar segment.
The company also reported higher profit margins in the towers and steel structures, poles and lighting, and solar segments, in addition to a SAR 47.7 million profit from the sale of investment properties.
Sequentially, the company’s Q1 2024 profit leapt by 91% from SAR 43.2 million, due to higher sales from the implementation of some of the projects.
Total shareholders’ equity, excluding minority interest, stood at SAR 987 million as of March 31, 2024, up from SAR 819.6 million a year earlier.

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