Al-Babtain earns SAR 136.9M in H1 2024, SAR 54.3M in Q2

08/08/2024 Argaam Exclusive

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Al-Babtain Power and Telecommunication Co. posted a net profit of SAR 136.9 million in H1 2024, up from SAR 54.9 million in the year-ago period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,172.70	1,349.65	15.1 %
Gross Income	161.65	222.87	37.9 %
Operating Income	91.94	148.73	61.8 %
Net Income	54.88	136.93	149.5 %
Average Shares	63.95	63.95	-
EPS (Riyals)	0.86	2.14	149.5 %

The profit growth was driven by 15% higher sales on improved selling prices and sales volume, as well as a SAR 47.7 million capital gain from selling property investments.

In Q2 2024, the company's net profit leapt 33% to SAR 54.3 million from SAR 40.6 million in Q2 2023, mainly due to 15% higher sales and a SAR 47.7 million capital gain from selling property investments.

Sequentially, net profit fell 34.3% from SAR 82.60 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	533.59	650.10	21.8 %
Gross Income	97.01	113.49	17.0 %
Operating Income	59.66	88.90	49.0 %
Net Income	40.68	54.32	33.5 %
Average Shares	63.95	63.95	-
EPS (Riyals)	0.64	0.85	33.5 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	699.55	650.10	(7.1 %)
Gross Income	109.39	113.49	3.7 %
Operating Income	70.88	88.90	25.4 %
Net Income	82.60	54.32	(34.2 %)
Average Shares	63.95	63.95	-
EPS (Riyals)	1.29	0.85	(34.2 %)

Shareholders’ equity, after minority interest, stood at SAR 980.3 million as of June 30, 2024, up from SAR 849 million a year earlier.

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