Batelco records 179pc jump in Q3 net profit

Batelco Group, a regional telecommunications group, yesterday reported a 179 per cent jump in its third-quarter profits, thanks to strong revenues helped by the continued strong performance of all its units including Batelco Bahrain, Umniah in Jordan and Dhiraagu the Group’s operation in the Maldives. “Increased customer numbers for Broadband services have contributed significantly to the growing revenues with year-on-year growth of 9pc in the total Broadband base.

Yearon-year, fixed Broadband customer numbers are up by 16pc in Bahrain, while in Jordan subscriber numbers are up by 49pc and in the Maldives up by 42pc,” said Batelco Group CEO Ihab Hinnawi. The company’s net profit attributable to equity holders was BD17.3 million (US$45.9m), a 179 per cent increase from BD6.2m (US$16.4m) from the same quarter a year ago. Earnings per share (EPS) for the quarter was 10.4 fils compared to 3.7 fils in the year-ago quarter.

Revenues rose by 5 per cent to BD101.5m (US$269.2m) from BD96.5m (US$256.0m) in Q3 2017. Revenues were mainly boosted by improvements in broadband and adjacent services, with growing broadband subscriber bases in all three locations. EBITDA stands at BD36.3m (US$ 9 6. 3 m ) c o m p a re d t o BD27.2m (US$72.1m) in Q3 2017, representing an increase of 33 per cent. Operating profit was up by 78pc to BD20.0m (US$53.1m) from BD11.3m (US$30.0m) in Q3 2017.

Batelco Group CEO Ihab Hinnawi said that the successful implementation of the Group’s transformational strategy and investment in Fixed LTE, Fibre and Digital solutions across all operations has resulted in strong revenue and EBITDA growth. The results were announced by Batelco Chairman, Shaikh Abdulla bin Khalifa Al Khalifa, following a meeting held yesterday at Batelco’s Hamala Headquarters.