Batelco AGM okays BD41.58M dividend

Manama : The Annual General Meeting (AGM) of the Batelco Group yesterday approved a full year cash dividend of BD41.6 million (US$110.3m), at a value of 25 fils per share for the twelve-months ended 31 December 2016. 

The approved dividend includes a previously paid 10 fils per share in the third quarter of 2016. The remaining 15 fils, according to Batelco, will be paid in the coming weeks. 

The Bahrain-based group’s 37th AGM, held at Batelco’s Hamala headquarters, was attended by shareholders, company directors and executive management.

Batelco ended the year with a net profit of BD37.6m (US$99.7m) compared to BD49.5m (US$131.3m) reported in 2015.  As of 31 December 2016, net assets were BD537.0m (US$1,424.4m) with cash and bank balances of BD172.4m (US$457.3m). Earnings per share stood at 22.6 fils for the full year in 2016.

Commenting, Batelco Chairman Shaikh Mohammed bin Khalifa Al Khalifa said: “However, in spite of decreased profits, we are encouraged to note that subscriber numbers were up by 4 per cent year-over-year. The upswing in customer numbers is attributed to our investments in new networks including fibre and our efforts to strengthen our digital solutions portfolio.”

Looking ahead, Shaikh Mohammed said the group will focus on positioning Batelco as a top tier and leading integrator of digital solutions in its chosen markets. Batelco currently has operations across 14 countries. 

“Throughout the Batelco Group, our aspiration is to achieve operational excellence. That is central to our goal to drive sustainable revenue growth and deliver value for our stakeholders,” Shaikh Mohammed said.