Beyon net profit rises 8% to BD17.6 million

TDT | Manama    

The Daily Tribune – www.newsofbahrain.com

Beyon yesterday reported profits for the third quarter and nine months that rose from a year ago as revenues increased helped by increases in mobile, wholesale and digital services.

Beyon was able to grow its overall customer base by 5% YoY with increases in mobile customers of 16% in Batelco Bahrain and 6% in Umniah in Jordan.

Q3 results

Third quarter net profit attributable to equity holders was BD17.6 million (US$46.7m), an 8% increase from BD16.3M (US$43.2m) for the corresponding quarter of 2022. Earnings per share (EPS) are 10.7 fils compared to 9.8 fils in Q3 2022.

Total comprehensive income attributable to equity holders was BD21.2m (US$56.2m), a 102% increase from BD10.5m (US$27.9m) in the prior-year quarter, due to investment fair value changes. Operating profit rose 14% to BD26.0m (US$69.0m) from BD22.8m (US$60.5m) in Q3 2022.

Revenues increased 6% to BD106.5m (US$282.5m) compared to BD100.6m (US$266.8m) in Q3 2022.

Nine-month results

For the first nine months of 2023, net profit attributable to equity holders of the company was BD55.5m (US$147.2m), up 3% from BD54.1m (US$143.5m) in 2022 despite the BD6.8m (US$18.0m) increase in interest expense during the period.

Earnings per share (EPS) are 33.6 fils compared to an EPS of 32.8 fils in the year-ago period.  

Total comprehensive income attributable to equity holders of the company is up 85% from BD36.2m (US$96.0m) in 2022 to BD66.8M (US$177.2m) in 2023.

Operating profits increased by 14% from BD69.6m (US$184.6M) during the period in 2022 to BD79.6m (US$211.1m) in 2023.

The company maintained a healthy EBITDA margin of 41% during the period in 2023. Revenues was BD315.4m (US$836.6m), up 6% from BD298.3m (US$791.2m) in the corresponding period of 2022, mainly due to increases in mobile, wholesale and digital services.

Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa said: “We are pleased to deliver improved earnings per share of 33.6 fils for the period, increased from 32.8 fils for the corresponding period in 2022, which supports our commitment to deliver good value for our shareholders.”

Beyon CEO Mikkel Vinter said, “We have maintained the strong momentum set in the first half of 2023, and I’m pleased with the progress made over the recent busy months, with some excellent achievements by our digital and telecom businesses, helping to contribute to the improved financial performance.”