Al Babtain reports 28% drop in profits for Q1-20

Revenues soared by 36.2% annually over Q1-20

  

Riyadh – Mubasher: The profits after Zakat and tax of Al Babtain Power and Telecommunication Company registered a 28.2% decline to SAR 14.2 million in the first quarter (Q1) of 2020, compared to SAR 19.8 million in the same period last year.

Revenues grew by 36.2% on an annual basis, reaching SAR 389.6 million during the three-month period ending 31 March 2020 when compared to SAR 285.9 million in Q1-19, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The drop in the interim profits is owed to declining profit margins due to pressures on selling prices. The fall came despite lower general, administrative, and marketing expenses and higher sales volumes.

Last year, the company reported an increase in annual net profit by 23.4%.

Source: Mubasher

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