Beyon Announces Q2 2024 and Half Year 2024 Financial Results with 7% YoY Increase in Revenues

TDT | Manama

The Daily Tribune - www.newsofbahrain.com   

Bahrain Telecommunications Company BSC (Ticker: BEYON), announced net profit attributable to equity holders of the company for Q2 2024 of BD19.8M (US$52.5M), in line with BD19.9M (US$52.8M) for the corresponding quarter of 2023. Earnings per share (EPS) are 12.0 fils for both the second quarter of 2024 and 2023.

Total comprehensive income attributable to equity holders in Q2 2024 was reported at BD17.4M (US$46.2M), a 30% decrease from BD24.9M (US$66.0M) in the second quarter of 2023, mainly due to exchange and investment fair value changes.

Operating profit in Q2 2024 increased by 2% to BD28.5M (US$75.6M) from BD28.1M (US$74.5M) in Q2 2023. EBITDA stands at BD45.2M (US$119.9M) in Q2 2024 compared to BD44.8M (US$118.8M) in Q2 2023, an increase of 1%. Revenues for the second quarter of 2024 increased by 7% to BD112.5M (US$298.4M) compared to BD105.4M (US$279.6M) in Q2 2023.

For the first six months of 2024, net profit attributable to equity holders of the company of BD38.6M (US$102.4M) increased by 2% compared to BD37.9M (US$100.5M) in 2023. Earnings per share (EPS) are 23.3 fils for the period compared to an EPS of 22.9 fils for H1 2023.

Total comprehensive income attributable to equity holders of the company is up by 25% from BD45.7M (US$121.2M) in H1 2023 to BD57.1M (US$151.5M) in H1 2024 mainly due to favorable investment fair value changes.

Operating profits increased by 4% from BD53.6M (US$142.2M) in H1 2023 to BD55.6M (US$147.5M) in H1 2024. Similarly, EBITDA increased by 2% from BD87.5M (US$232.1M) in  H1 2023 to BD89.2M (US$236.6M) in H1 2024.

The company maintained a healthy EBITDA margin of 40% in H1 2024. Revenues for the first six months of the year of BD222.9M (US$591.2M) increased by 7% from BD208.9M (US$554.1M) of revenues in H1 2023, mainly due to increases in mobile, datacoms and digital services. Beyon was able to grow its overall customer base by 3% YoY with increases in mobile customers across all its operating companies.

Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD543.3M (US$1,441.1M) as of 30 June 2024, 2% higher than BD532.3M

(US$1,411.9M) reported as of 31 December 2023. Total assets of BD1,186.3M (US$3,146.7M) as of 30 June 2024 are 2% higher than total assets of BD1,165.4M (US$3,091.2M) as of 31 December 2023. Net assets as of 30 June 2024 which stand at BD593.7M (US$1,574.8M) are 2% higher than BD582.5M (US$1,545.1M) reported as of 31 December 2023. The Company’s cash and bank balances are a substantial BD174.8M (US$463.7M).

The Board of Directors approved an interim cash dividend for shareholders of 13.5 fils per share or 13.5% of paid-up capital for the six-month period of 2024. This is in line with the 2023 interim dividend payment and the Board of Directors commitment to continuously deliver strong returns to shareholders.