Babtain announces its consolidated interim financial results

22/01/2013 08:18 AST

Al-Babtain Power & Telecom Company (Babtain) has announced its consolidated interim financial results for the period ending 31/12/2012 (Twelve months):

(1)Net profits for the fourth quarter of 2012 were SAR 13 million, compared to SAR 15.5 million during the same period in 2011, representing 16% decline, and compared to SAR 14 million posted in the previous quarter representing decline of 7 %.

(2) Gross profits for the fourth quarter of year 2012 were SAR 43.3 million, compared to SAR 36.3 million for the same period in 2011, representing an increase of 19 %.

(3)Operating profits for the fourth quarter of year 2012 were SAR 10.5 million, compared to SAR 16.6 million for the same period in 2011, representing a decline of 37 %.

(4) During the twelve months end 31 December 2012, the net profits were SAR 60.3 million compared to SAR 76.9 million, representing a decline of 21.6 % of the same period in 2011.

5) Earnings per share for the twelve months ended 31 December 2012 were SR 1.42 compared to SR 1.84 for the same period of last year, EPS for the same period last year has been calculated based on 41.8 million shares and Current period is based on 42.6 million shares.

(6) Gross profits for the twelve months of 2012 were SAR 187.5 million compared to SAR 155.8 million for the same period in 2011, representing an increase of 20.3 %.

(7)Operating profit for the twelve months was SAR 53 million compared to SAR 79 million for the same period in 2011, representing a decline of 33 %.

(8) The reason of the decline in net profits in the fourth quarter compared to the same quarter of the previous year were due to increase of sales & marketing expenses, general & administrative expenses and finance expenses as a result of the financial statements consolidation for Al Babtain France this year.

(9) The reason of the profits decline during the twelve-month period, compared to the corresponding period of the previous year despite higher net profits in the Kingdom of Saudi Arabia market due to the same reasons mentioned in previous paragraph, in addition to the political and economic conditions prevailing in Egypt, which negatively affected the performance of both Al-Babtain power & Telecommunication Egypt, and Al-Babtain Leblanc Egypt where losses amounted together SAR 11.6 million.

(10) The reasons of the decline in net profits in the fourth quarter, compared to the previous quarter of the current year mainly due to the decline of the gross profit during the fourth quarter by SAR 2 million.

(11) Certain figures for the fourth quarter and twelve months of 2011 have been reclassified to conform to the presentation in the current period.

Tadawul