Al-Babtain expects Q4 performance to be similar to Q3, makes no dividend policy changes: CFO

Al-Babtain Power and Telecommunication Co. expects Q4 2020 performance to be similar to that of the third quarter of the year, including sales, Mohamed Al Toukhy, Chief Financial Officer, told Argaam in a telephone interview.

He added that better performance indicators will appear in the first half of 2021.

The company did not make any changes to its dividend policy, hoping to see better performance in the business market, so as to maintain it.

“Next year is likely to see improved performance,” Al Toukhy said.

Commenting on Al-Babtain’s Q3 2020 financial results, he added: “The profit drop in the third quarter on annual and quarterly basis was attributed to lower sales. In addition, the economic crisis witnessed by the world and the GCC countries due to the COVID-19 pandemic also had a direct impact on our results, and on various projects in all market sectors.”

“Al-Babtain is still studying some projects to award their contracts to major companies. Talks are also ongoing for other projects, but we are hopeful that these investments will boost the company’s performance next year,” Al Toukhy concluded.