Sunday 16 June 2024

Shaikh Abdulla and Mikkel Vinter.

Beyon net profit surges 4pc in Q1; revenue hits $293m

MANAMA, May 8, 2024

Bahrain Telecommunications Company (Beyon) has registered solid results for the first quarter with
the net profit attributable to equity holders of the company surging 4% to BD18.8 million ($50 million) over the last year's figure of BD18 million ($47.7 million).
Announcing the results for the three-month period ended March 31, 2024, Beyon said its revenues for the period increased by 7% to BD110.5 million ($293.1 million) compared to BD103.5 million ($274.5 million) in Q1 2023, mainly due to increases in mobile, datacoms and digital services. 
Earnings per share (EPS) are 11.4 fils for the first quarter of 2024 compared to 10.9 fils in Q1 2023. 
Total comprehensive income attributable to equity holders in Q1 2024 was reported at BD39.7 million ($105.3 million), thus posting a 91% increase from last year's figure of BD20.8 million ($55.2 million) in the first quarter of 2023, mainly due to favourable investment fair value changes.
Operating profit in Q1 2024 increased by 6% to BD27 million ($71.6 million) from BD25.5 million ($67.6 million) in Q1 2023. Ebitda stands at BD44.1 million ($117 million) in Q1 2024 compared to BD42.7 million ($113.3 million) in Q1 2023, an increase of 3%. The company maintained a healthy ebitda margin of 40% in Q1 2024.
Beyon said its balance sheet remains strong with total equity attributable to equity holders of the company of BD525.9 million ($1.39 billion) as of 31 March 2024, 1% lower than BD532.3 million ($1.41 billion) reported as of 31 December 2023. 
Also its total assets as of March 31, 2024 stood at BD1.2 billion ($3.12 billion), 3% higher than total assets of BD1.16 billion ($3.1 billion) as of 31 December 2023. 
Net assets stand at BD579 million ($1.53 billion) are 1% lower than BD582.5 million ($1,54 billion) reported as of December 31, 2023. The company’s cash and bank balances are a substantial BD208.5 million ($553.1 million).
On the solid performance, Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa said: "The Board is pleased with the advances Beyon’s management has made in implementing the strategy for growth and expansion, leading to the strong financial and operational performance for the first quarter of 2024."
"Beyon’s continuous strategic focus on expanding its regional footprint and product portfolio through acquisitions, and on strengthening its core services and infrastructure, has contributed to the solid results marked by increased revenues and net profit, up by 7% and 4% respectively," he stated  following a meeting of the Board of Directors today (May 8) at Beyon’s Campus in Hamala.
"Furthermore, in line with our key priority to meet shareholders’ expectations we are pleased to announce improved earnings per share of 11.4 fils compared to 10.9 fils for the corresponding period of 2023," he added.
Shaikh Abdulla said Beyon’s digital companies continue to achieve well in line with their individual growth strategies, playing a crucial role in its goal to be a global technology group, and "we were delighted that Beyon Cyber and Beyon Money’s efforts were recognised at the recent Deloitte Technology Fast 50 awards, with Beyon Cyber recognised as the fastest growing cyber security company in the Middle East and Cyprus for the second successive year, and Beyon Money recognised as a Rising Star in the region."
In his address, CEO Mikkel Vinter expressed delight at the solid start to the year and good performances from the telco and digital companies, with all entities making good progress in rolling out their strategic plans for 2024.
"Among a number of accomplishments for Beyon’s digital companies during the quarter, Beyon Solutions completed its acquisition of a controlling stake in INSOMEA Computer Solutions. 
This step supports Beyon Solutions' strategic objectives of expanding its portfolio and regional footprint and enables the delivery of a comprehensive range of solutions to benefit our broader customer base across the region," he noted.
"In line with ongoing initiatives to accelerate the digital transformation of the customer journey, Batelco opened its first fully-fledged digital experience shop, including a first of its kind smart vending machine. In another first, the Batelco App was enhanced with the addition of a number portability feature, enabling mobile users to instantly switch from their current provider to Batelco, stated Vinter.
"Such achievements are part of our endeavours to innovate and elevate our customers’ experience, while also contributing to changing the way businesses interact with their customers in Bahrain," he noted.
"Our focus for the year includes further growth in new markets, furthering our digital portfolios plus exciting plans for the connectivity side of our business," he added.-TradeArabia News Service


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