Riyadh – Mubasher: Al Babtain Power and Telecommunication expected that its consolidated statement will lose around SAR 25 million by the end of 2016 due to the floatation of Egyptian Pound.
“The expected financial impact of that said floatation will negatively affect the consolidated statements through Al Babtain Power and Telecommunication- Egypt, owned by 100%, Al Babtain Leblanc Telecommunication Systems Co Ltd, owned by 85%, and Al Babtain Power Solutions and Lighting, owned by 100%, the company said.
The company noted that it is working on taking the necessary measures to decrease the negative impact on the subsidiary firms resulting from the devaluation of the Egyptian pound (EGP) against foreign currencies.
Al Babtain posted a 9.23% increase in its profits to SAR 35.5 million in the third quarter of 2016, compared to SAR 32.5 million in the same quarter of 2015.
The Central Bank of Egypt (CBE) decided on 3 November to float the EGP freely against the foreign currencies and leave it to the supply and demand mechanisms.
