Riyadh – Mubasher: Al Babtain Power and Telecommunication on Sunday stated that its net profits decreased by 13.29% year-on-year in the third quarter of 2017.
Net profits stood at SAR 30 million in Q3-17, compared to SAR 34.6 million in Q3-16, according to a bourse statement.
Quarter-on-quarter, profits retreated 27.18%.
The Saudi power and telecommunication firm attributed the decline in its year-on-year net profits to higher sales’ cost, and to the rise in administrative, general expenses, financing costs, Zakat, income tax, and other revenues.
Al Babtain’s net profits fell 3.42% to reach SAR 110.3 million from January until September 2017, compared to SAR 114.2 million in the same period in 2016.
The stock tumbled 2.84%, closing at SAR 26.65 on Sunday.
