Leading telecom company Beyon continues to hold a strong market position within the Kingdom of Bahrain, maintaining more than 70% of the fixed broadband market and around 40% of the mobile market, said a recent study published by Mubasher Capital Bahrain.
The study indicates that Beyon also maintains international investments in telecom operators outside Bahrain, while wholesale services such as the sale of international data capacity through submarine cables form an essential part of its operating model.
According to the analysis, the company’s core focus remains on telecommunications and infrastructure, with the majority of its revenues, between ninety-four and ninety-five percent, generated by traditional telecom services. These include mobile, fixed-line, internet, and data capacity.
The company continues to record steady annual revenue growth, rising from BD387 million ($1 billion) in 2020 to BD460 million ($1.21 billion) in 2024, reflecting its expanding presence across markets and service lines.
During the first nine months of 2025, revenues reached BD366 million compared with BD333 million in the corresponding period of 2024.
Net income improved from BD57 million in 2020 to BD73 million in 2024, reflecting a steady enhancement in profitability over the past years.
In the first nine months of 2025, net income recorded BD52 million compared with BD56 million in the corresponding period of 2024, indicating a slight decline.
Regarding the geographical distribution of revenues, Bahrain remains the company’s largest market, followed by Jordan.
The Maldives also represents important contributors to international income streams, demonstrating the benefits of a diversified revenue base and reduced dependency on local market.
The study also highlights Beyon’s continued expansion in digital services and information and communications technologies. Beyond its traditional service lines, the company is scaling its digital financial solutions, cloud and IT services, cybersecurity capabilities, and managed communication services through its subsidiaries, which include Beyon Money, Beyon Solutions, Beyon Cyber, and Beyon Connect.
Commenting on the study, Ehab Rashad, the General Manager of Mubasher Capital Bahrain, said: "Beyon stands as one of the most prominent and established entities within the traditional telecommunications sector, deriving the majority of its revenues from network and connectivity services. At the same time, the company is advancing in a deliberate and structured manner toward broader digital and ICT domains."
This evolution marks a shift from conventional telecom offerings to more sophisticated and innovative service areas. Such a strategic progression reinforces the company’s competitive standing and strengthens its preparedness for future growth, he stated.
"Moreover, Beyon’s business model integrates a strong domestic presence with international investments and an expanding digital portfolio, creating a balanced and multi-layered platform for sustainable, long-term development," noted Rashad.
According to him, Bahrain forms a stable domestic market for Beyon, and this base is further supported by the company’s international investments, which contribute to revenue diversification and risk mitigation.
Major infrastructure projects, including the SEA-ME-WE 6 submarine cable, offer significant competitive advantages in regional and international connectivity, he stated.
Rashad pointed out that Beyon’s ownership structure is predominantly government-related, providing the company with a strong and influential institutional foundation.
"While this offers strategic support, it may also expose the company to certain forms of intervention or non-standard dividend policies depending on economic or regulatory conditions," he stated.
"The company’s strategy remains fully aligned with Bahrain’s Vision 2030 and national initiatives aimed at advancing digital transformation and strengthening the foundations of a knowledge-based economy," he added.-TradeArabia News Service
