Bahrain Telecommunications Company (Beyon) has reported a net profit attributable to equity holders of BD19.8 million ($52.5 million) for Q2 2024, maintaining a steady performance compared to BD19.9 million for the same period in 2023. Earnings per share (EPS) remained consistent at 12.0 fils for both Q2 2024 and Q2 2023.
Total comprehensive income attributable to equity holders for Q2 2024 was BD17.4 million ($46.2 million), marking a 30% decrease from BD24.9 million ($66 million) in Q2 2023. This decline was primarily due to fluctuations in exchange rates and investment fair values. However, operating profit increased by 2% to BD28.5 million from BD28.1 million in Q2 2023, and EBITDA rose by 1% to BD45.2 million from BD44.8 million. Revenues for Q2 2024 increased by 7% to BD112.5 million ($298.4 million), up from BD105.4 million ($279.6 million) in Q2 2023.
For the first half of 2024, Beyon reported a 2% increase in net profit attributable to equity holders, reaching BD38.6 million ($102.4 million) compared to BD37.9 million ($100.5 million) in H1 2023. Total comprehensive income attributable to equity holders rose by 25%, from BD45.7 million in H1 2023 to BD57.1 million in H1 2024, driven by favorable investment fair value changes.
Operating profits for H1 2024 increased by 4% to BD55.6 million from BD53.6 million in H1 2023, and EBITDA rose by 2% to BD89.2 million from BD87.5 million. Revenues for the first six months of 2024 were BD222.9 million, a 7% increase from BD208.9 million in H1 2023. This growth was largely attributed to increases in mobile, datacoms, and digital services. Beyon’s overall customer base grew by 3% year-over-year, with notable increases in mobile customers across all operating companies.
Beyon’s balance sheet remains robust, with total equity attributable to equity holders standing at BD543.3 million ($1,441.1 million) as of 30 June 2024, a 2% increase from BD532.3 million ($1,411.9 million) as of 31 December 2023. Total assets rose by 2% to BD1,186.3 million, up from BD1,165.4 million as of the end of 2023. Net assets also increased by 2% to BD593.7 million from BD582.5 million at the end of 2023. The company’s cash and bank balances remain substantial at BD174.8 million ($463.7 million).
The Board of Directors approved an interim cash dividend of 13.5 fils per share, or 13.5% of paid-up capital, for the first half of 2024, consistent with the 2023 interim dividend. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa highlighted the company’s strong momentum, with revenues and profit up by 7% and 2%, respectively. He emphasized Beyon’s commitment to delivering strong returns to shareholders, with earnings per share at 23.3 fils for the six-month period.
Shaikh Abdulla noted that Beyon’s strategic initiatives have led to numerous achievements, including innovative products, key partnerships, and international acquisitions. He mentioned significant partnerships with government entities to enhance public-private cooperation, such as Beyon Connect’s collaboration with the Information & eGovernment Authority (iGA) to launch an enhanced eKey system, and Total CX’s partnership with the Electricity and Water Authority (EWA) to improve contact center services.
Beyon CEO Mikkel Vinter reiterated the company’s focus on growth across digital and telecom services, reflected in the solid financial performance. He highlighted the digitization efforts, including the introduction of “Basma,” Bahrain’s first AI-powered digital assistant, to support Batelco’s customers. Vinter also mentioned Batelco’s recognition in the TRA Mobile Quality of Service Report for excellence in social media streaming, voice quality, and 5G network speed, with 100% nationwide 5G coverage.
Looking ahead, Vinter expressed satisfaction with the achievements of Beyon’s digital companies, particularly Beyon Solutions’ acquisition of a controlling stake in Link Development, a leading regional provider of digital transformation solutions.