Beyon reports strong financial results for Q3

TDT | Manama

Email: mail@newsofbahrain.com

Beyon yesterday announced its financial results for the third quarter and first nine months of the year ended 30 September 2024. Beyon reported net profit attributable to equity holders of BD17.6M ($46.7M) for Q3 2024, in line with BD17.6M ($46.7M) for the corresponding quarter of 2023.

Earnings per share (EPS) are 10.6 fils for the third quarter of 2024 compared to 10.7 fils in Q3 2023. Total comprehensive income attributable to equity holders in Q3 2024 was reported at BD24.1M ($63.9M), a 14% increase from BD21.2M ($56.2M) in the third quarter of 2023, mainly due to foreign exchange changes.

Operating profit in Q3 2024 of BD25.9M ($68.7M) is in line with BD26.0M ($69.0M) reported in the corresponding quarter of 2023. EBITDA stands at BD44.6M ($118.3M) in Q3 2024 compared to BD43.2M ($114.6M) in Q3 2023, an increase of 3%.

Revenues for the third quarter of 2024 increased by 3% to BD110.1M ($292.0M) compared to BD106.5M ($282.5M) in Q3 2023. For the first nine months of 2024, net profit attributable to equity holders of the company of BD56.2M ($149.1M) increased by 1% compared to BD55.5M ($147.2M) in 2023.

Earnings per share (EPS) are 34.0 fils for the period compared to an EPS of 33.6 fils for the corresponding period in 2023. Total comprehensive income attributable to equity holders of the company during the period is up by 22% from BD66.8M ($177.2M) in 2023 to BD81.3M ($215.6M) in 2024 mainly due to favorable investment fair value changes.

Operating profits increased by 2% from BD79.6M ($211.1M) during the period in 2023 to BD81.5M ($216.2M) in 2024. Similarly, EBITDA increased by 2% from BD130.7M ($346.7M) in 2023 to BD133.9M ($355.2M) in 2024. The company maintained a healthy EBITDA margin of 40% during the period in 2024. Revenues for the first nine months of the year of BD333.1M ($883.6M) increased by 6% from BD315.4M ($836.6M) of revenues in the corresponding period of 2023, mainly due to increases in mobile, datacoms, wholesale and digital services.

Beyon was able to grow its overall customer base by 2% YoY with increases in mobile customers across all its operating companies. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa said, “Beyon has maintained strong momentum in the third quarter of the year contributing to a 6% increase in revenues for the first nine months of 2024, stemming from growth in mobile, datacoms, wholesale and digital services across our operating companies, both locally and internationally.”

Beyon CEO Andrew Kvalseth commented, “It’s an exciting time to join Beyon, to build upon the visionary leadership and strong foundations within the organization. I’ve had the privilege of meeting with various teams across the group and have been deeply impressed by the insights shared, and the collaborative spirit that drives our success.”