Manama, Bahrain: Bahrain Telecommunications Company BSC (Ticker: BEYON), announced net profit attributable to equity holders of the company for Q1 2024 of BD18.8M (US$49.9M), a 4% increase from BD18.0M (US$47.7M) for the corresponding quarter of 2023. Earnings per share (EPS) are 11.4 fils for the first quarter of 2024 compared to 10.9 fils in Q1 2023.

Total comprehensive income attributable to equity holders in Q1 2024 was reported at BD39.7M (US$105.3M), a 91% increase from BD20.8M (US$55.2M) in the first quarter of 2023, mainly due to favourable investment fair value changes.

Operating profit in Q1 2024 increased by 6% to BD27.0M (US$71.6M) from BD25.5M (US$67.6M) in Q1 2023. EBITDA stands at BD44.1M (US$117.0M) in Q1 2024 compared to BD42.7M (US$113.3M) in Q1 2023, an increase of 3%. The company maintained a healthy EBITDA margin of 40% in Q1 2024.

Revenues for the first quarter of 2024 increased by 7% to BD110.5M (US$293.1M) compared to BD103.5M (US$274.5M) in Q1 2023, mainly due to increases in mobile, datacoms and digital services.  

Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD525.9M (US$1,395.0M) as of 31 March 2024, 1% lower than BD532.3M (US$1,411.9M) reported as of 31 December 2023. Total assets of BD1,201.1M (US$3,185.9M) as of 31 March 2024 are 3% higher than total assets of BD1,165.4M (US$3,091.2M) as of 31 December 2023. Net assets as of 31 March 2024 which stand at BD579.0M (US$1,535.8M) are 1% lower than BD582.5M (US$1,545.1M) reported as of 31 December 2023. The Company’s cash and bank balances are a substantial BD208.5M (US$553.1M).

Financial and Operational Highlights

  Q1 2024 Q1 2023 Variation
Gross Revenues 110.5 293.1 103.5 274.5 +7
EBITDA 44.1 117.0 42.7 113.3 +3
Operating Profit 27.0 71.6 25.5 67.6 +6
Net Profit attributable to equity holders of the company 18.8 49.9 18.0 47.7 +4
Total Comprehensive income attributable to equity holders of the company 39.7 105.3 20.8 55.2 +91
Customer Base (telecom operations)* 4.2M 4.1M +2
Contribution to Revenues by International Operations 52% 52%
Contribution to EBITDA by International Operations 55% 54% +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 2024 following a meeting of the Board of Directors on Wednesday 8th May, at Beyon’s Campus, Hamala, Kingdom of Bahrain.

“The Board is pleased with the advances Beyon’s management has made in implementing the strategy for growth and expansion, leading to the strong financial and operational performance for the first quarter of 2024. Beyon’s continuous strategic focus on expanding its regional footprint and product portfolio through acquisitions, and on strengthening its core services and infrastructure, has contributed to the solid results marked by increased revenues and net profit, up by 7% and 4% respectively. Furthermore, in line with our key priority to meet shareholders’ expectations we are pleased to announce improved earnings per share of 11.4 fils compared to 10.9 fils for the corresponding period of 2023.”

“Beyon’s digital companies continue to achieve well in line with their individual growth strategies, playing a crucial role in Beyon’s goal to be a global technology group, and we were delighted that Beyon Cyber and Beyon Money’s efforts were recognised in the recent Deloitte Technology Fast 50 awards, with Beyon Cyber recognised as the fastest growing cyber security company in the Middle East and Cyprus for the second successive year, and Beyon Money recognised as a Rising Star in the region.”

Before concluding his statement, Shaikh Abdulla said, “I offer appreciation to all Beyon team members for their dedicated efforts which supported a strong first quarter.”

Beyon CEO Mikkel Vinter said, “I’m pleased with the solid start to the year and good performances from the telco and digital companies, with all entities making good progress in rolling out their strategic plans for 2024.”

“Among a number of accomplishments for Beyon’s digital companies during the quarter, Beyon Solutions completed its acquisition of a controlling stake in INSOMEA Computer Solutions.

This step supports Beyon Solutions’ strategic objectives of expanding its portfolio and regional footprint and enables the delivery of a comprehensive range of solutions to benefit our broader customer base across the region.”

“In line with ongoing initiatives to accelerate the digital transformation of the customer journey, Batelco opened its first fully-fledged digital experience shop, including a first of its kind smart vending machine. In another first, the Batelco App was enhanced with the addition of a number portability feature, enabling mobile users to instantly switch from their current provider to Batelco. Such achievements are part of our endeavours to innovate and elevate our customers’ experience, while also contributing to changing the way businesses interact with their customers in Bahrain.”

Mr. Vinter concluded by saying, “Our focus for the year includes further growth in new markets, furthering our digital portfolios plus exciting plans for the connectivity side of our business.”