Saturday 23 March 2019

Shaikh Abdulla, Ihab Hinnawi and Mohamed Bubashait

Batelco H1 profits soar 51pc to $76.4m

MANAMA, July 19, 2018

Batelco, the regional telecommunications group with operations across 14 countries, today reported a first half net profit attributable to equity holders of the company of BD28.8 million ($76.4 million), an increase of 51 per cent over BD19 million ($50 million) reported during the same period in 2017.  
The second quarter net profit attributable to shareholders was BD15.7 million, up 45 per cent from BD10.8 million in 2017 and Q2 operating profit was BD20.2 million, up 29 per cent from BD15.7 million in 2017.
Following on from the promising start to the year reported in Q1 2018, the results for the second quarter show strong improvement compared to Q2 of 2017.
The H1 operating profit was BD40.5 million, an increase of 35 per cent from BD29.9 million in 2017.
Q2 EBITDA of BD36.4 million was up by 15 per cent from BD31.7 million in 2017 and H1 EBITDA of BD73.0 million, an increase of 14 per cent from BD64.0 million in 2017.
Q2 Revenues of BD100.5 million,  growth of 10 per cent from BD91.4 million in 2017 and H1 revenues of BD200 million, an increase of 10 per cent from BD181.1 million in 2017.
The second quarter EPS was 9.4 fils compared to 6.5 fils in Q2 2017, an increase of 45 per cent and H1 EPS was 17.3 fils compared to 11.4 fils in 2017, a 51 per cent increase.
The Board of Directors have approved an interim cash dividend of 10 fils per share or 10 per cent of paid up capital, the statement said.
In line with the first quarter of 2018, revenues for the second quarter increased by 10 per cent over Q2 2017 from BD91.4 million ($242.4 million) to BD100.5 million ($266.6 million).   Revenues for the first six months of 2018 were BD200 million, an increase of 10 per cent when compared to BD181.1 million for the first six months of 2017. Revenues have been positively bolstered by strong performance at Batelco Bahrain and Umniah Jordan, the company said. 
In Bahrain, revenues were boosted by improvements in mobile and broadband services and in Umniah revenues were up in all revenue streams with notable growth in digital services and fixed broadband (Fixed LTE, it said.
The group’s balance sheet continues to be strong with total assets of BD913.2 million ($2.422 billion) as of June 30, 2018 compared to BD932.5M ($2,473.5 million) as of December 31, 2017. Net assets as of June 30, 2018 stood at BD501.1 million compared to BD502.5 million as of December 31, 2017. 
The group’s cash and bank balances are a substantial BD152.6 milion. Total equity attributable to equity holders of the company is BD460.7 million compared to BD461.9 million as of December 31, 2017. 
Batelco chairman Shaikh Abdulla bin Khalifa Al Khalifa, who announced the Half Year 2018 financial results following the meeting of the Board of Directors today at Batelco’s Hamala Headquarters, said that he was very pleased to report the improved financial results. 
“We got off to a very good start to the year and similar to the first quarter, there has been a double digit improvement year-on-year. Across our group’s operations, our strategic plans are having a positive impact and our teams continue to work diligently to ensure that the needs of each location, with their specific requirements, are met,” he said. 
Batelco Group CEO Ihab Hinnawi said  he was very pleased to note that the momentum established in the first quarter of the year has continued with a second quarter of strong performances from a number of the group’s operations, particularly Batelco Bahrain, Umniah in Jordan and Dhiraagu in the Maldives.
“Key priorities for the quarter have been ongoing improvement to the quality of mobile and fixed networks, combined with delivering a superior customer experience. Our efforts in this regard and our investment in new and upgraded infrastructure and customer centric initiatives have been rewarded by growing revenues and customer numbers for key services.”
 “In line with growing revenues, the group’s total fixed Broadband customer base has grown by 10% year on year, supported by a 21% increase in subscriber numbers in Bahrain, while in Jordan subscriber numbers are up by 76% and in the Maldives the customer base for Broadband is up by 63%.”
“We are continuing to strengthen our digital capabilities as part of our transformation strategy and strive to be innovative and responsive in everything we do to support our strategic imperatives,” Hinnawi added.  –TradeArabia News Service

Tags: Bahrain | Batelco | profit |

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