Batelco’s Q3 profit up 9% | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Batelco’s Q3 profit up 9%

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Batelco yesterday posted profits for the 2021 third quarter and nine-month period helped by higher revenues.

The increase in revenues, Batelco said, was mainly due to YoY increases in fixed broadband, adjacent services and wholesale revenues.

The company also said that it had almost completed the phase-out of its 2G service.

“As part of the ongoing transformation of Batelco’s mobile network, the phase-out of the 2G service, which had been in place for over 27 years, is almost complete, with the capacity being used reallocated to support the growth of 3G, 4G and 5G networks, to meet the ever-growing demand for better and wider mobile data services,” said Batelco CEO Mikkel Vinter.

Q3 results

The third-quarter net profit attributable to equity holders of the company was BD15.7 million (US$41.6m), a 9% increase from BD14.4m (US$38.2m) in the year-ago quarter.

Earnings per share were 9.5 fils compared to 8.7 fils in Q3 2020.

Total comprehensive income attributable to equity holders was BD13.4m (US$35.5m), a 25% decrease from BD17.8m (US$47.2m) in the third quarter of 2020, mainly due to foreign currency translation differences.

Q3 revenue was BD98.2m (US$260.5m) increased by 2% compared to BD95.9m (US$254.4m) in Q3 2020.

Operating profit was up by 8% to BD21.8m (US$57.8m) from BD20.2m (US$53.6m) in Q3 2020.

Nine-month results Net profit attributable to equity holders of the company was BD53.2m (US$141.1m), rose 6% from BD50.3m (US$133.4m) for the corresponding period in 2020.

The increase in net profit is mainly attributable to steady increases in revenues for the first nine months of the year.

EPS was 32.2 fils compared to an EPS of 30.4 in the same period in 2020.

Total comprehensive income attributable to equity holders of the company was up by 41%, from BD43.0m (US$114.1m) in 2020 to BD60.6m (US$160.7m) in 2021.

Revenues were BD296.4m (US$786.2m), an increase of 4% when compared to BD285.7m (US$757.8m) of revenues for the same period in 2020.