Bahrain's Batelco achieves net profit of $100m in H1 2022
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Bahrain’s Batelco achieves net profit of $100m in H1 2022

Bahrain’s Batelco achieves net profit of $100m in H1 2022

The company said operating profits decreased by 5 per cent from BD49.3m in H1 2021 to BD46.8m in H1 2022 due to increases in operating expenses 

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batelco H1 2022 results announced

Bahrain Telecommunications Company (Batelco) has announced that for H1 2022, the net profit attributable to equity holders of the company was BD37.9m ($100.5m), an increase of 1 per cent from BD37.5m in 2021. Earnings per share (EPS) are 22.9 fils for the period compared to an EPS of 22.7 for H1 2021.

Total comprehensive income attributable to equity holders of the company was down by 46 per cent from BD47.2m in H1 2021 to BD25.7m in H1 2022, mainly due to foreign exchange translation differences and investment fair value changes.

Revenue achieved was BD197.7m in line with BD198.2m earned in H1 2021.

Operating profits decreased by 5 per cent from BD49.3m in H1 2021 to BD46.8m in H1 2022 due to increases in operating expenses.  Similarly, EBITDA decreased by 2 per cent from BD85.4m in H1 2021 to BD83.5m in H1 2022. The company maintained a healthy EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin of 42 per cent in H1 2022.

The company said its balance sheet remained strong with total equity attributable to equity holders of the company of BD485.6m as of June 30, 1 per cent lower than BD489.6m reported as of December 31, 2021. Total assets of BD1.02bn as of June 30, 2022 are in line with total assets of BD1,03bn as of December 31, 2021.

Similarly, net assets as of June 30, which stood at BD528.1m are in line with BD530.m reported as of December 31, 2021. The company’s cash and bank balances are a substantial BD226.2m, which reflects the 2021 final dividend of 16.5 fils per share paid in April.

Second quarter results

Batelco also announced a net profit attributable to equity holders of the company for Q2 2022 of BD20.0m, a 12 per cent increase from BD17.8m for the corresponding quarter of 2021.

Earnings per share are 12.1 fils for the second quarter of 2022 compared to 10.8 fils in Q2 2021.

Total comprehensive income attributable to equity holders in Q2 2022 was reported at BD12.8m, a 26 per cent decrease from BD17.3m in the second quarter of 2021.

Revenues for Q2 2022 of BD99.2m were up by 1 per cent compared to BD98.4m in Q2 2021.  Operating profit for the second quarter of 2022 increased by 4 per cent to BD24.7m from BD23.8m in Q2 2021, while EBITDA stood at BD42.9m  in Q2 2022 compared to BD41.7m in Q2 2021, an increase of 3 per cent.

Batelco chairman, Shaikh Abdulla bin Khalifa Al Khalifa, said, “The board of directors is pleased with the company’s performance for the second quarter of 2022 which shows improvement over the same period of last year. This is reflected by 12 per cent increase in net profits and increased EPS of 12.1 fils compared to 10.8 fils for Q2 2021. Delivering good returns on shareholder investment is a priority for the Board of Directors and we are focussed on driving an ambitious long-term strategy aimed at meeting the expectations of all stakeholders.

“Stemming from a commitment to support the kingdom’s digital transformation vision, Batelco continues to be focussed on its digital growth strategy. The board was proud to witness the success of Elevate, Batelco’s first-of-its-kind technology forum for the Enterprise sector, which showcased the company’s digital brands Beyon Cyber, Beyon Connect and Beyon Solutions. The forum brought together hundreds of leaders from Bahrain’s business community and featured presentations and informative sessions led by experts from the Beyon teams and industry leaders including AWS.”

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