Manama, Bahrain: Beyon (Ticker: BATELCO), announced net profit attributable to equity holders of the company for Q4 2022 of BD16.2M (US$43.0M), a 28% increase from BD12.7M (US$33.7M) for the corresponding quarter of 2021. Earnings per share (EPS) are 9.8 fils for the fourth quarter of 2022 compared to 7.7 fils in Q4 2021.
Total comprehensive income attributable to equity holders in Q4 2022 was reported at BD22.1M (US$58.6M), a 97% increase from BD11.2M (US$29.7M) in the fourth quarter of 2021, due to higher profit and foreign currency translation differences.
Revenues for Q4 2022 are BD104.6M (US$277.5M) compared to BD103.3M (US$274.0M) in Q4 2021, up by 1%. Operating profit for the fourth quarter of 2022 increased by 33% to BD24.0M (US$63.7M) from BD18.1M (US$48.0M) in Q4 2021, while EBITDA stands at BD41.8M (US$110.9M) in Q4 2022 compared to BD37.0M (US$98.1M) in Q4 2021, an increase of 13%.
For the full year of 2022, net profit attributable to equity holders of the company of BD70.3M (US$186.5M) increased by 7% from BD65.9M (US$174.8M) in 2021. Earnings per share (EPS) are 42.5 fils for the year compared to an EPS of 39.8 fils in 2021.
Total comprehensive income attributable to equity holders of the company for the year is down by 19% from BD71.7M (US$190.2M) in 2021 to BD58.2M (US$154.4M) in 2022, mainly due to the impact of foreign currency translation differences.
Revenues for the full year are BD402.8M (US$1,068.4M) compared to BD399.6M (US$1,060.0M) of revenues in 2021, up by 1%. Operating profits increased by 5% from BD89.2M (US$236.6M) in 2021 to BD93.6M (US$248.3M) in 2022. EBITDA increased by 1% from BD163.0M (US$432.4M) in 2021 to BD165.4M (US$438.7M) in 2022, with a healthy EBITDA margin of 41%.
Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD496.4M (US$1,316.7M) as of 31 December 2022, 1% higher than BD489.6M (US$1,298.7M) reported as of 31 December 2021. Total assets of BD1,101.2M (US$2,921.0M) as of 31 December 2022 are 7% higher than total assets of BD1,030.6M (US$2,733.7M) as of 31 December 2021. Net assets as of 31 December 2022 which stand at BD542.3M (US$1,438.5M) are 2% higher than BD530.7M (US$1,407.7M) reported as of 31 December 2021. The Company’s cash and bank balances are a substantial BD253.8M (US$673.2M), which reflects the 2022 interim dividend of 13.5 fils per share paid in August 2022.
Beyon is committed to delivering excellent returns to its shareholders and accordingly, the Board of Directors has recommended a full year cash dividend of BD53.9M (US$143.0M), at a value of 32.5 fils per share to be agreed at the Annual General Meeting, of which 13.5 fils per share was already paid during the third quarter of 2022 with the remaining 19.0 fils to be paid following the AGM in March 2023.
Financial and Operational Highlights
|H1 2022||H1 2021||Growth||Q2 2022||Q2 2021||Growth|
|Net Profit attributable to equity holders of the company||70.3||186.5||65.9||174.8||+7||16.2||43.0||12.7||33.7||+28|
|Total Comprehensive income attributable to equity holders of the company||58.2||154.4||71.7||190.2||-19||22.1||58.6||11.2||29.7||+97|
|Contribution to Revenues by International Operations||53%||53%||–|
*Excludes subscriber numbers from Sabafon, Beyon’s associate company in Yemen, and Etihad Atheeb Telecom, Beyon’s investment in Saudi Arabia.
Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa announced the 2022 4th Quarter and full year financial results, following a Board meeting on 21st February, at Beyon’s headquarters in Hamala Bahrain.
“The Board of Directors is pleased with the positive set of financial results for 2022 supported by a strong 4th quarter with net profits up by 28% over the corresponding quarter of 2021, resulting in a 7% increase in net profits year on year. The results reflect the continuous efforts in successfully executing the company’s digital transformation strategy, strengthening the core business and international connectivity services.”
“2022 was a milestone year for the company with the launch of Beyon, the Topco company of Batelco, the Beyon Digital Companies, and our International Investments. This historical change reflects our vision to transform from a telco focused business to a technology powerhouse, marking a major leap in our digital transformation journey and I’m immensely proud of the accomplishment. Going forward our ambitious plans include venturing into new digital verticals as well as taking the existing Beyon companies to new markets,” Shaikh Abdulla said.
“I am a firm believer in the importance of our people, and I was delighted to recently speak to over 800 members of the Beyon family at the annual Town Hall, where Beyon’s plans for 2023 were presented and our annual Chairman Awards winners were announced. Beyon’s efforts in developing its people through training programmes and providing a great work environment were key factors in the Company being recognised as a great workplace by Great Place to Work® Institute Middle East for the third consecutive year, an incredible achievement.”
The Chairman continued by stating, “Delivering value forshareholders remains a priority and we are pleased to have achieved increased earnings during the 4th quarter leading to improved EPS year over year. On behalf of my colleagues on the Board, I would like to extend appreciation to our shareholders for their faith in our transformational plans and their ongoing support.”
“In line with that, I want to offer my personal appreciation to my colleagues on the Board and the Company’s executive management for the roles they played in such a significant year in the Company’s history, setting the tone for a world of new possibilities,” Shaikh Abdulla added.
“The bold steps we have taken in 2022 would not have been possible without the strong ecosystem that has been established in the Kingdom of Bahrain under the leadership of His Majesty King Hamad bin Isa Al Khalifa and the directives of His Royal Highness Shaikh Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, enabling growth and transformation with an emphasis on developing the digital economy.”
Shaikh Abdulla concluded his report saying, “2023 is just the beginning of a new journey that will see Beyon grow in strength and stature, maintaining its leading role as Bahrain’s telecommunications provider of choice through Batelco, while the Company’s digital growth journey will continue, growing and developing each of the digital companies, and through planned expansion into new geographies as well as into new verticals. The future looks very bright, and I am confident that we have the right structure in place and a strong commitment from all team members to work hard to reach our goals.”
Beyon CEO Mikkel Vinter said, “I’m pleased with the performance for 2022. Beyon aims to become a name synonymous with innovation and digital efficiency, not only in Bahrain but across the region and beyond, and to that end we will be focussed on developing the connectivity as well as digital growth ambitions. On the connectivity front, we continue to deliver best-in-class solutions for consumers and the enterprise sector through Batelco in Bahrain, while also investing in world class data centers and cable solutions that meet the requirements of our global customers.”
“With an ambition to become a major regional digital player, we develop the product portfolios at the Beyon Digital Companies and also look for partnership and acquisition opportunities to support the strategic goals. As part of that, Beyon Cyber recently announced its agreement to acquire a majority stake in DTS Solution, a leading regional Cyber Security Advisory, Consulting, and Engineering firm, to ensure the delivery of industry leading cybersecurity products and services,” Mr. Vinter said.
“Beyon’s efforts towards sustainability and environmental protection were recognised during 2022 at the annual Global Telecoms Awards in London, with the Company winning in the Climate Action Excellence category for our energy saving initiatives and a reduction in carbon footprint.”
Mr. Vinter concluded by offering his appreciation to Shaikh Abdulla and members of the Board for their wise guidance throughout the year. “I also extend a huge thank you to everyone across the company for their contribution to the many achievements of 2022, including the historic launch of Beyon. We have some exciting plans in hand for 2023, and I’m looking forward to working alongside the various teams throughout the group to add to the Company’s successes.”
This press release, along with the full set of financial statements, is available on the Bahrain Bourse website and on Beyon website, www.beyon.com