Batelco net profit rises 10% to BD56.7 million | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Batelco net profit rises 10% to BD56.7 million

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Successful cost containment programmes, Batelco said helped it navigate the “unprecedented circumstance of COVID-19 pandemic in 2020, contributing to a 10 % increase in net profits over 2019.

The board also recommended paying a full-year cash dividend of BD49.8 million (US$132.1m), at a value of 30.0 fils per share, of which already paid 13.5 fils per share during Q3.

The remaining 16.5 fils is scheduled for distribution following the AGM in March 2021.

“Batelco swiftly adapted to the unprecedented circumstances of 2020 to achieve the strategic objectives of the core strategy, which include a focus on cost containment, resulting in 10% YoY decrease in operating costs and contributing to a 10% increase in net profits over 2019,” Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa said.

He added: “The efforts are also reflected in the improvements in Operating Profits and EBITDA which increased by 7% and 9% respectively, year on year.”

Quarterly, full-year results The fourth-quarter net profit attributable to equity holders of the company was BD6.5m (US$17.2m), a 12% decrease from BD7.4m (US$19.6m) for the corresponding period of 2019.

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However, net profits attributable to equity holders for the full year rose 10% to BD56.7m (US$150.4m) from BD51.6m (US$136.9m) a year.

Batelco attributed the increase mainly to a 10% YoY decrease in operating costs which reflects Batelco’s successful cost containment programs.

Quarterly earnings per share (EPS) was 3.9 fils compared to 4.5 fils in the year-ago quarter.

For full-year, EPS was 34.2 fils compared to an EPS of 31.2 for 2019.

Q4 total comprehensive income attributable to equity holders was BD10.5m (US$27.9m), a decrease of 24% from BD13.8m (US$36.6m) in the year-earlier quarter.

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Total comprehensive income attributable to equity holders of the company for the year was down by 5% from BD56.3m (US$149.3m) in 2019 to BD53.4m (US$141.6m) in 2020.

Revenues for the fourth quarter was BD101.6m (US$269.5m), a decreased of 1% compared to BD102.9m (US$272.9m) in Q4 2019.

Similarly, revenues for the full year 2020 was BD387.3m (US$1,027.3m), a decrease of 4% when compared to BD401.5m (US$1,065.0m) of revenues for 2019.

Q4 operating profit was down by 32% to BD13.5m (US$35.8m) from BD19.9m (US$52.8m) in Q4 2019; while year-on-year operating profits increased by 7% from BD75.5m (US$200.3m) in 2019 to BD81.1m (US$215.1m) in 2020.