Batelco records double-digit growth

Batelco (BATELCO), a regional telecommunications group with operations across 14 countries, yesterday reported double-digit growth in its first-quarter profits thanks to a strong performance at Batelco Bahrain, Umniah in Jordan and Dhiraagu in the Maldives. Net profits attributable to equity holders of the company for the first quarter of 2019 was BD14.6 million (US$38.7m) up from BD13.1m (US$34.7m) for the corresponding period of 2018, an increase of 11 per cent.

Total comprehensive income attributable to equity holders of the company rose 19pc to BD17.3m (US$45.9m) from BD14.5m (US$38.5m) in Q1 2018. Operating profit increased by 8pc to BD21.9m (US$58.1m) from BD20.3m (US$53.8m) in Q1 2018. The Group continues to report revenue growth with Q1 2019 revenues of BD101.2m (US$268.4m) 2pc higher than Q1 2018 revenues of BD99.5m (US$263.9m). Revenues continue to be positively impacted by strong performance at Batelco Bahrain, Umniah in Jordan and Dhiraagu in the Maldives.

Earnings per share (EPS) was 8.8 fils for Q1 2019 compared to 7.9 fils for the corresponding period of 2018. Batelco Chairman, Shaikh Abdulla bin Khalifa Al Khalifa said, “We are delighted to deliver growing revenues and profits in line with our improved financial achievements during 2018.” “Investment in Fibre and Data, two key areas of our focus, has helped to generate good growth in revenues, while our net profits have been boosted by 11pc year-on-year supported by cost containment programmes,” Shaikh Abdulla said.

Batelco Group CEO Ihab Hinnawi said strong operational performances across the Group led to the very promising start to the year as reflected in the increased gross revenues and net profits. “Intense competition in the telecommunication markets we operate in continue to present challenges. However, growth in key areas including in our digital services, which improved by 12pc year-on-year, supported the positive revenue contribution.”

“Batelco was delighted to announce some major achievements in the first quarter, most notably an agreement between Umniah and the Jordan Electric Power Company to create the largest fibre aerial network in the Kingdom of Jordan,” he said.

Bahrain bolsters customers

Batelco Bahrain CEO Mohamed Bubashait said that Batelco’s effective fibre delivery and comprehensive portfolio of digital products and services continue to bolster customer numbers in the Kingdom of Bahrain, reflected by an increase of 4% in fixed-line customers and 13pc in Broadband customers, year over year. During the first quarter of 2019, Batelco’s fixed line and fixed broadband customer bases grew by 1pc and 4pc respectively, compared to December 2018.

Looking Forward, Batelco Chairman Shaikh Abdulla said, “We have well-planned strategies in place across the Group of companies which our teams continue to execute successfully. We are in a good position and based on this sound platform we aspire to gain further momentum going forward.”