Riyadh – Mubasher: Al Babtain Power and Telecommunication on Wednesday reported a 69.3% year-on-year drop in net profits after calculating Zakat and Tax during the third quarter of 2018, compared to the year-ago period.
Profits fell to SAR 9.2 million ($2.45 million) from July to September, compared to SAR 30 million ($8 million) in Q3-17, according to a bourse filing.
The firm attributed the third-quarter profit decline to an increase in financing, Zakat expenses, tax income, coupled with lower revenues.
Year-on-year, sales dipped 18.3% to SAR 269 million during the three-month period ended September, from SAR 329.5 million.
Operational profits retreated 62.2% to SAR 15.5 million in the third quarter ended September, compared to SAR 41.1 million in Q3-17.
From January to September, Al Babtain’s net profits after calculating Zakat and Tax levelled down 55.6% to SAR 49 million, versus SAR 110.3 million in the same period last year.
Revenues slumped 17% to SAR 796.9 million from January to September 2018, from SAR 960 million in the nine-month period of 2017.
Earnings per share (EPS) amounted to SAR 1.15 by the end of September, down from SAR 2.59.
By 10:22 am Saudi time, the firm's stock shed 0.49% to SAR 20.20.
