Riyadh –  Al Babtain Power and Telecommunication Company obtained the approval of its shareholders to disburse cash dividends valued at SAR 21.31 million for 2022.

The announced dividends equal 5% of the company’s capital, according to a bourse filing.

The Saudi firm will pay out a dividend of SAR 0.50 per share. Meanwhile, the distribution date will commence on Monday, 19 June 2023.

During the first quarter (Q1) of 2023, the company’s net profits after Zakat and tax hiked by 63.22% year-on-year (YoY) to SAR 14.20 million from SAR 8.70 million.

Revenues hit SAR 649.70 million during Q1-23, an annual jump of 55.10% from SAR 418.90 million.

The earnings per share (EPS) stood at SAR 0.33 as of 31 March 2023, higher than SAR 0.20 in the year-ago period.

In December 2022, Al Babtain Power secured a SAR 200 million loan from Banque Saudi Fransi in order to restructure part of its short-term investments and transfer it to long-term financing.

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