Batelco Q2 net profit rises 12%, declares interim cash dividend
TDT | Manama
The Daily Tribune – www.newsofbahrain.com
Batelco, a leading integrated communications provider in Bahrain, reported a 12% increase in its second quarter 2022 net profit attributable to equity holders of the company yesterday to BD20.0 million, as revenues rose thanks to development and diversification in digital products and services across the core business.
CEO Mikkel Vinter said they introduced Cloud ERP and Retail Management Solutions “to help the enterprise sector manage their operations and costs efficiently and maximise revenues.” The Bahrain-based company also declared 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 2022.
Q2 results
The second quarter net profit attributable to equity holders of the company was BD20.0 million (US$53.1m), a 12% increase from BD17.8m (US$47.2m) in the year-ago quarter. Earnings per share are 12.1 fils compared to 10.8 fils in Q2 2021.
Total comprehensive income attributable to equity holders was BD12.8m (US$34.0m), a 26% decrease from BD17.3m (US$45.9m) in the prior-year quarter. Revenues rose 1% to BD99.2m (US$263.1m) from BD98.4m (US$261.0m) in the same quarter a year ago.
Operating profit increased by 4% to BD24.7m (US$65.5m), while EBITDA rose 3% to BD42.9m from the year-earlier quarter.
H1 results
For the first six months of 2022, the net profit attributable to equity holders of the company was BD37.9m (US$100.5m), a 1% increase from BD37.5m (US$99.5m) in 2021. EPS are 22.9 fils compared to an EPS of 22.7 for H1 2021.
Hurt mainly by foreign exchange translation differences and investment fair value changes, total comprehensive income attributable to equity holders of the company dropped by 46% to BD25.7m (US$68.2m) from BD47.2m (US$125.2m) a year ago.
Revenues were BD197.7m (US$524.4m), in line with BD198.2m (US$525.7m) revenues in H1 2021. Operating profits decreased by 5% to BD46.8m (US$124.1m) hurt by increases in operating expenses.
Chairman, Shaikh Abdulla bin Khalifa Al Khalifa, said, “Delivering good returns on shareholder investment is a priority for the Board of Directors, and we are focussed on driving an ambitious long-term strategy aimed at meeting the expectations of all stakeholders.”
CEO, Mikkel Vinter, said, “Batelco accelerated the momentum set in the first quarter to accomplish several significant achievements during Q2, keeping digital transformation foremost in mind and delivering on Board.”
our commitment to the Looking ahead, Vinter said that a major new Home Broadband campaign offering the biggest raffle in the company’s history for the consumsers has begun. “It’s a very exciting opportunity open to existing and new customers, which will see a lucky customer win a luxury property in Diyar Al Muharraq early in 2023.”
“Meanwhile, the Beyon digital brands continued to grow their presence in the market by collaborating with leading organisations in Bahrain, and we expect to see an increasing revenue continuation from our digital operations going forward.”
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