Al Babtain Power announces 10% of capital as dividends for 2023

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The shareholders of Al Babtain Power and Telecommunication Company greenlighted cash dividends amounting to SAR 63.94 million for 2023.

The Saudi firm will disburse SAR 1 per share, representing 10% of the company’s capital, for 63.94 million eligible shareholders, according to a bourse filing.

The shareholders granted their approval for the cash dividends during the ordinary general meeting (OGM) that was held on 30 May 2024, while the board recommended the amount last March.

In 2023, Al Babtain Power logged 168.50% higher net profits at SAR 141.50 million, compared to SAR 52.70 million in 2022.

Revenues hiked by 14.63% to SAR 2.40 billion last year from SAR 2.16 billion as of 31 December 2022.

During the first quarter (Q1) of 2024, the company’s net profits amounted to SAR 82.60 million, higher by 481.69% year-on-year (YoY) than SAR 14.20 million.