Beyon reports Q1 2023 profit, revenues rise

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Beyon (BATELCO) yesterday said its profits for the first quarter of 2023 rose from the same quarter a year ago as revenues rose helped mainly by increases in mobile, wholesale and digital services.

The first quarter net profit attributable to equity holders was BD18.0 Million (US$47.7M), up 1% from BD17.9M (US$47.5M) in the year-ago quarter.

Earnings per share (EPS) was 10.9 fils compared to 10.8 fils in Q1 2022.

Total comprehensive income attributable to equity holders was BD20.8M (US$55.2M), a 61% increase from BD12.9M (US$34.2M) in the prior-year quarter, due to higher profit and foreign currency translation differences.

Revenues increased 5% to BD103.5M (US$274.5M) from BD98.5M (US$261.3M) in Q1 2022. Operating profit rose 15% to BD25.5M (US$67.6M) from BD22.1M (US$58.6M) in Q1 2022. EBITDA stood at BD42.7M (US$113.3M) in Q1 2023 compared to BD40.6M (US$107.7M) in Q1 2022, an increase of 5%.

“The positive set of financials reflects the successful execution of Beyon’s digital growth strategy and vision, as well as the team members’ commitment and focus to deliver the plans,” Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa stated.

CEO Mikkel Vinter said, “The Beyon digital companies continue to roll out their respective plans and during the quarter a number of partnerships were signed to support their goals, including enhancing remittance channels for Beyon Money and Beyon Connect’s plans to introduce new e-Invoicing technology to meet emerging business requirements.”

“Looking ahead, we have a strong strategy in place to support our ambitions to achieve further growth in the digital space, gain traction on our growing range of digital products and solutions, while maintaining our leadership in the telecoms sector in Bahrain,” Vinter stressed.