Thursday 21 March 2019
 
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GAINS HIT $132m

Shaikh Abdulla and Ihab Hinnawi, Group CEO

Batelco 2018 profits soar 1,335pc to $132.1m

MANAMA, 28 days ago

Batelco, the Bahrain-based telecommunications group with operations across 14 countries, posted a net profit of BD50.1 million ($132.1 million) for 2018, up 1,335 per cent over BD3.5 million ($9.2 million) in 2017.

The 2017 net profit was mainly impacted by impairment losses related to the group’s investments in Yemen and Jordan.

The net profit attributable to equity holders of the company for the last quarter of 2018 was reported at BD4.1 million ($10.8 million), a 119 per cent increase from the BD21.7 million (US$57.2 million) net loss for the corresponding period of 2017.   

The group ended 2018 with fundamentals reporting revenue growth and higher EBITDA throughout the year.

Financial highlights:
• Q4 Total comprehensive income attributable to equity holders of the company of BD4.6 million ($12.1 million), an increase of 120 per cent from BD22.7 million ($59.8 million) loss in 2017. Total comprehensive income attributable to equity holders of the company for the full year 2018 was BD43.3 million ($114.1 million), an increase of 275 per cent from BD11.5 million ($30.3 million) in 2017.

• Q4 Operating Profit of BD12.3 million ($32.4 million), down by 29 per cent from BD17.2 million ($45.3 million) in 2017. Operating Profit for the full year 2018 of BD72.7 million ($191.6 million), an increase of 25 per cent from BD58.4 million ($153.9 million) in 2017.

• Q4 EBITDA of BD33.6 million ($89.5 million), in line with BD33.5 million ($88.3 million) reported in Q4 2017. EBITDA for the full year 2018 of BD142.8 million ($376.5 million), an increase of 15 per cent from BD124.7 million ($328.8 million) in 2017.

• Q4 Revenues of BD104.4 million ($275.2 million), growth of 2 per cent from BD101.9 million ($268.6 million) in 2017. Revenues for the full year 2018 of BD405.9 million ($1,07 billion), an increase of 7 per cent from BD379.4 million ($1 billion) in 2017.

• Q4 EPS of 2.4 fils compared to -13.1 fils in Q4 2017, an increase of 119 per cent. EPS for the year of 30.1 fils compared to 2.1 fils in 2017, a 1,335 per cent increase.

In line with the first nine months of 2018, revenues have increased by 7 per cent from BD379.4 million ($1 billion) in 2017 to BD405.9 million ($1,07 billion) in 2018. Similarly, revenues for the fourth quarter have increased by 2 per cent over Q4 2017 from BD101.9 million ($268.6 million) to BD104.4 million ($275.2 million). Revenues have been positively bolstered by strong performance at Batelco Bahrain, Umniah in Jordan and Dhiraagu, the Group’s operation in the Maldives.

The group’s balance sheet continues to be strong with total assets of BD912.4 million ($2.4 billion) as of December 31, 2018, compared to BD932.5M ($2.45 billion) as of December 31, 2017. Net assets as of December 31, 2018 stand at BD504.9 million ($1.33 billion) compared to BD502.5 million ($1,32 billion) as of 31 December 2017. The group’s cash and bank balances are a substantial BD153.3 million ($404.2 million).

Total Equity attributable to equity holders of the company is BD465.2 million ($1.22 billion) compared to BD461.9 million ($1.21 billion) as of December 31, 2017. Earnings per share (EPS) is 2.4 fils for Q4 2018 compared to -13.1 fils in Q4 2017 resulting in EPS of 30.1 fils for the full year compared to 2.1 fils for the corresponding period of 2017.

The Board of Directors has recommended a full year cash dividend of BD45.7 million ($120.5 million), at a value of 27.5 fils per share to be agreed at the group’s Annual General Meeting, of which 10 fils per share was already paid during the third quarter of 2018 with the remaining 17.5 fils to be paid following the AGM in March 2019.   

The financial results were announced by Batelco chairman Shaikh Abdulla bin Khalifa Al Khalifa, following the meeting of the Board of Directors on February 21, at Batelco’s Hamala Headquarters.

“The Board of Directors is very pleased with Batelco’s strong financial and operational performance for the year. The results reflect the effectiveness of the Group's overall strategic initiatives and we are delighted to witness the strong year-on-year growth in digital, Datacom and fixed broadband services across the Group.” the chairman stated.

“We have established a powerful platform to build on in order to sustain long-term success for the group and continue to deliver strong value for our shareholders.”- TradeArabia News Service




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