Beyon posts Q2, H1 profits; revenues rise 6%

TDT | Manama                           

The Daily Tribune – www.newsofbahrain.com

Beyon yesterday announced second quarter and half-year 2023 profits as revenues rose helped by mobile, wholesale and digital services. Beyon also reported an overall growth in customer base by 6% YoY with increases in mobile customers of 17% in Batelco Bahrain and 5% in Umniah in Jordan.

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 2023. This is in line with the 2022 interim dividend payment Q2 results Quarterly net profit attributable to equity holders of the company was BD19.9M (US$52.8M), in line with BD20.0M (US$53.1M) for the corresponding quarter of 2022.

Earnings per share (EPS) were 12.0 fils compared to 12.1 fils in Q2 2022. Total comprehensive income attributable to equity holders was BD24.9M (US$66.0M), a 95% increase from BD12.8M (US$34.0M) in the prior-year quarter, due to foreign exchange translation differences related to the appreciation of the British Pound and investment fair value changes.

Operating profit increased 13% to BD28.1M (US$74.5M) from BD24.7M (US$65.5M) in Q2 2022. Revenues increased 6% to BD105.4M (US$279.6M) from BD99.2M (US$263.1M) in Q2 2022.

H1 Results

H1 net profit attributable to equity holders of the company remain unchanged at BD37.9M (US$100.5M compared to 2022 despite the BD 4.8M increase in interest expense due to higher interest rates.

Earnings per share (EPS) are 23.0 fils for the period compared to an EPS of 22.9 for H1 2022. Total comprehensive income attributable to equity holders of the company jumped 78% from BD25.7M (US$68.2M) in H1 2022 to BD45.7M (US$121.2M) in H1 2023.

Operating profits rose 14% from BD46.8M (US$124.1M) in H1 2022 to B D5 3. 6 M (US$142.2M) in H1 2023. Revenues increase 6% to BD208.9M (US$554.1M) from BD197.7M (US$524.4M) in H1 2022, mainly due to increases in mobile, wholesale and digital services.

Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa said, “Beyon continued to focus on the advancement of its digital growth and strengthening its core services, and the Board of Directors is pleased with the progress made in executing its strategic plans across the group, reflected by increased revenues, operating profit and EBITDA, of 6%, 13% and 5% respectively in Q2 compared to the same period of 2022.

The Board of Directors is focussed on driving value for shareholders, and we remain committed to delivering good returns on their investment,” Shaikh Abdulla stated.

Beyon CEO Mikkel Vinter said, “Beyon accelerated the momentum of the first quarter of 2023 leading to a number of important achievements in Q2.

The business continues to perform well, and we have maintained our profitability despite the high interest rate environment.” “We have some exciting plans in place for the second half of the year and look forward with the support of the team to achieving many new milestones,” Vinter concluded.