Manama, Bahrain: Beyon (Ticker: BATELCO), announced net profit attributable to equity holders of the company for Q1 2023 of BD18.0M (US$47.7M), a 1% increase from BD17.9M (US$47.5M) for the corresponding quarter of 2022.  Earnings per share (EPS) are 10.9 fils for the first quarter of 2023 compared to 10.8 fils in Q1 2022. 

Total comprehensive income attributable to equity holders in Q1 2023 was reported at BD20.8M (US$55.2M), a 61% increase from BD12.9M (US$34.2M) in the first quarter of 2022, due to higher profit and foreign currency translation differences.

Revenues for Q1 2023 are BD103.5M (US$274.5M) compared to BD98.5M (US$261.3M) in Q1 2022, up by 5%, mainly due to increases in mobile, wholesale and digital services.  Operating profit for the first quarter of 2023 increased by 15% to BD25.5M (US$67.6M) from BD22.1M (US$58.6M) in Q1 2022. EBITDA stands at BD42.7M (US$113.3M) in Q1 2023 compared to BD40.6M (US$107.7M) in Q1 2022, an increase of 5%.  The company maintained a healthy EBITDA margin of 41% in Q1 2023.

Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD483.8M (US$1,283.3M) as of 31 March 2023, 3% lower than BD496.4M (US$1,316.7M) reported as of 31 December 2022. Total assets of BD1,101.5M (US$2,921.8M) as of 31 March 2023 are in line with total assets of BD1,101.2M (US$2,921.0M) as of 31 December 2022. Net assets as of 31 March 2023 which stand at BD526.9M (US$1,397.6M) are 3% lower than BD542.3M (US$1,438.5M) reported as of 31 December 2022. The Company’s cash and bank balances are a substantial BD234.1M (US$621.0M), which are 8% lower than BD253.8M (US$673.2M) reported as of 31 December 2022. 

Financial and Operational Highlights

  Q1 2023 Q1 2022 Growth
Gross Revenues 103.5 274.5 98.5 261.3 +5
EBITDA 42.7 113.3 40.6 107.7 +5
Operating Profit 25.5 67.6 22.1 58.6 +15
Net Profit attributable to equity holders of the company 18.0 47.7 17.9 47.5 +1
Total Comprehensive income attributable to equity holders of the company 20.8 55.2 12.9 34.2 +61
Customer Base* 4.1M 4.1M
Contribution to Revenues by International Operations 52% 54% -2
Contribution to EBITDA by International Operations 54% 55% -1

*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 financial results for the first quarter of 2023 following a meeting of the Board of Directors on Tuesday 9th May, at Beyon Campus, Hamala, Kingdom of Bahrain.

“The Board of Directors is pleased with the strong start to the year with improved revenues, operating profit and EBITDA, up by 5%, 15% and 5% respectively, compared to the first quarter of 2022. The positive set of financials reflects the successful execution of Beyon’s digital growth strategy and vision, as well as the team members’ commitment and focus to deliver the plans,” Shaikh Abdulla stated.

“Digital growth will continue to be the key theme of our strategic plans for the year, building on the progress being made with the development of the Beyon digital companies and the ongoing focus on strengthening the Company’s core services,” he added.

“Growing shareholder value is a priority for the Board of Directors and we remain committed to delivering attractive returns on their investment. We appreciate our shareholders’ ongoing support and the trust they place in us.”

Before concluding his remarks, Shaikh Abdulla said, “I would like to extend a warm welcome to the new board members elected at the recent AGM and extend my appreciation to the outgoing board members for their contribution to the growth and transformation accomplished in recent years.”   

Beyon CEO Mikkel Vinter said, “I’m pleased with the solid performance delivered for the first quarter which was supported by increases in mobile, wholesale and digital services, achieved in line with our commitment to advancing both our core business and digital growth ambitions.”

“The Beyon digital companies continue to roll out their respective plans and during the quarter a number of partnerships were signed to support their goals, including enhancing remittance channels for Beyon Money and Beyon Connect’s plans to introduce new e-Invoicing technology to meet emerging business requirements.”

“Meanwhile, Beyon Cyber was recognised at the 8th annual Cyber Security Excellence Awards, as the gold winner of the best Cyber Security start up in the Middle East for 2023,” he added.

“On the telco side of the business, adding value for consumers is important, and as part of that Batelco recently announced a partnership with BMW Middle East to enable eSIM technology for the latest BMW models available in Bahrain. We are proud of this achievement which positions Batelco as the first in Bahrain and the GCC, and amongst only nine operators worldwide to enable the service.”

“Looking ahead, we have a strong strategy in place to support our ambitions to achieve further growth in the digital space, gain traction on our growing range of digital products and solutions, while maintaining our leadership in the telecoms sector in Bahrain,” Mr. Vinter concluded.

This press release, along with the full set of financial statements, is available on the Bahrain Bourse website and on Beyon website,