Batelco reports Q1 net profit of BD8.2 Million
Manama : Batelco Group yesterday announced results for the first quarter of 2017 reporting a net Profit of BD8.2 Million (US$21.8m), a 14 per cent decline compared to Q1 2016 but up by 58pc over the previous quarter. Net Profit was impacted by a BD1.5m (US$4.0m) share of loss from associate in Yemen. Earnings per share for the first quarter of 2017 was 4.9 fils.
Gross Revenues for the quarter was BD89.7m (US$237.9m), in line with the prior year, with a marginal 1pc decrease year-over-year and 5pc decrease over Q4 2016. Revenues continue to be impacted by competitive pressure in a number of markets across the Group.
EBITDA was BD32.3m (US$85.7m), representing a margin of 36pc. Despite an 8pc decline over Q1 2016, EBITDA increased by 7pc from the previous quarter. For the period, 59pc of Revenues and 54pc of EBITDA was attributable to operations outside of Bahrain.
The Group’s balance sheet continues to be strong with net assets of BD525.8m (US$1,394.7m) and substantial cash and bank balances of BD180.1m (US$477.7m).
Batelco Group Chairman, Shaikh Mohamed bin Khalifa Al Khalifa said, “Strengthening our digital capabilities remains high on the agenda in a number of the Group’s operations; accordingly we are investing in fibre networks and the development of our digital solutions portfolio.”
Batelco Group CEO Ihab Hinnawi said that the group witnessed a 2pc overall increase compared to 2016. Batelco Bahrain also posted YoY increases in fixed and broadband customers of 4pc and 33pc respectively.
“Our fibre rollout continues to be very successful as we push to reach all areas of the Kingdom including new residential and business locations and replacing out of date infrastructure with the latest technologies.”
“We are also delighted to note that Dhiraagu, our operation in the Maldives continues to report growing customer numbers with 5pc and 8pc YoY increases in mobile and broadband subscribers. Similarly, Sure in the Channel Islands and Isle of Man reported increased YoY fixed line and broadband subscribers of 4pc and 8pc respectively.”
Looking forward, Batelco Chairman Shaikh Mohamed said the group is capable of enhancing its competitiveness and boost customer numbers and financial performance.
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