Batelco Q3 profit jumps 41pc

Manama

The Daily Tribune - www.newsofbahrain.com

Successful cost containment programmes helped Batelco achieve a 41 per cent jump in its net profit for the third quarter where “everyone had to change the way they work and operate.” 

“Connectivity proved to be essential in 2020, as everyone had to change the way they work and operate, and we have been committed to being at the forefront of providing the needed solutions to enable our customers and enrich their experiences,” said Batelco CEO Mikkel Vinter.

Batelco achieved a third-quarter net profit of BD14.4 million (US$38.2m), thanks to an 18 per cent YoY decrease in operating expenses. The quarterly profit is a 41 per cent increase over the net profit of BD10.2m (US$27.1m) reported in the third quarter a year ago.

Earnings per share (EPS) for the quarter was 8.7 fils compared to 6.2 fils in Q3 2019 Total comprehensive income attributable to equity holders was BD17.8m (US$47.2m) an increase of 120pc from BD8.1m (US$21.5m) for the third quarter of 2019 Quarterly revenues decreased by 1pc compared to Q3 2019 from BD96.9m (US$257.0m) to BD95.9m (US$254.4m) Operating profit rose 38pc to BD20.1m (US$53.3m) from BD14.6m (US$38.7m) in Q3 2019. EBITDA stands at BD38.2m (US$101.3m) compared to BD31.6m (US$83.8m) in Q3 2019, representing an increase of 21pc.

Nine-month results

Net profits attributable to equity holders of the company for the first nine months of 2020 was BD50.3m (US$133.4m), a 14pc increase from BD44.2m (US$117.2m) for the corresponding period in 2019. EPS was 30.3 fils for the period compared to an EPS of 26.7 for the same period in 2019.

Total comprehensive income attributable to equity holders of the company is up by 1pc from BD42.5m (US$112.7m) to BD43.0M (US$114.1m). Revenues were BD285.7m (US$757.8m), a decrease of 4pc when compared to BD298.5m (US$791.8m) of revenues for the same period in 2019. Year-on-year operating profits increased by 22pc from BD55.6m (US$147.5m) in 2019 to BD67.6m (US$179.3M) in 2020.

Total assets of BD970.8m (US$2,575.1m) as of 30 September 2020 have decreased 2pc compared to BD992.9m (US$2,633.7m) as of 31 December 2019. Net assets as of 30 September 2020 stand at BD502.2m (US$1,332.1m) compared to BD513.4m (US$1,361.8m) as of 31 December 2019, a decrease of 2pc. Cash and bank balances are a substantial BD182.0M (US$482.8m), which reflects the 2020 interim dividend of 13.5 fils per share paid in August 2020.