Beyon Announces 2024 Financial Results

Feb 20, 2025 | Beyon

Financial and Operational Highlights

*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 4th Quarter and Full Year financial results for 2024, following a meeting of Beyon’s Board of Directors on 20th February, held at Beyon’s HQ in Hamala, Bahrain.

“This year was marked by significant expansion as a result of our commitment to our strategy of growth through investment in major acquisitions, strengthening our portfolio and presence in key markets.  The Board of Directors is pleased to report solid performance achieved for 2024, reflected by an 8% increase in revenues for the year compared to 2023, with operating profits increasing by 5%, net profits by 1% and EBITDA up by 7%, while earnings per share also improved year on year, in line with the Board of Directors’ commitment to deliver value for our shareholders.”

“The company successfully delivered its growth strategy solidifying its position as a growing technology group through a focus on strategic acquisitions and to that end, Beyon Solutions, part of the Beyon group, concluded its acquisitions of Insomea Computer Solutions and Link Development.  This served to strengthen Beyon Solutions’ position in digital transformation and IT services.  On another front, Beyon’s subsidiary Sure, acquired Airtel Vodafone in the Channel Islands, further enhancing connectivity and network investments.”

“Through a major collaboration, Beyon Connect and the Information and eGovernment Authority (iGA) launched eKey 2.0, which enables citizens and residents to seamlessly access a wide range of public and private services utilising biometric authentication.  Beyon also advanced its technology plans in creating the first White Space Data Centre in Bahrain, as part of Beyon’s Data Oasis.  Delivering on ambitions to take our brand to the region and beyond, we also forged a historic naming rights partnership with Al Dana Amphitheatre through which the 10,000-seat arena was re-named ‘Beyon Al Dana Amphitheatre’ underscoring the company’s visionary approach to doing business.  Beyon remained committed to shaping the digital landscape in Bahrain, announcing its ambitious plans for the launch of the Beyon Digital City in Hamala, which will set new benchmarks for technology-driven urban development. Such key projects help support Bahrain’s vision for its future digital economy.”

Before concluding, Shaikh Abdulla extended his appreciation to Beyon’s shareholders, investors, regulators and partners for their confidence, trust and ongoing support, and gave his thanks to the Board for their unwavering commitment, to Beyon’s management, and team members across all companies for their dedicated efforts that contributed to a year marked by major accomplishments and solid financial results.

Reflecting on the year ended, Beyon CEO Andrew Kvaalseth said, “In fulfillment of the Board’s strategic growth directives, Beyon maintained focus on returns from key investments and impactful partnerships, as well as developing its core business segments within the digital growth space and in telecommunications and connectivity.

“Beyon’s digital subsidiaries expanded regionally and launched innovative products, strengthening the company’s market presence.  Notably, Beyon Solutions signed deals with Bahrain Airport Company, Bahrain Airport Services, and Bapco Energies leveraging its extensive expertise in smart technologies for their operational requirements. Beyon Cyber announced its official launch in Saudi Arabia, during Black Hat Middle East and Africa, elevating their presence in the Middle East’s cybersecurity market through the introduction of two new revolutionary products, designed and developed in-house by Beyon Cyber’s R&D team.  Beyon Connect’s role in developing eKey 2.0, a nation-wide application, will continue to be felt in its ongoing implementation in the banking, finance, telecommunications, and healthcare sectors across Bahrain.”

“On the connectivity side of the business, Beyon continued to invest in digitising the customer journey through innovative solutions.  Following the launch of Batelco’s first fully digital experience shop, the company introduced ‘Basma’ an AI-powered digital assistant, reinforcing our commitment to cutting-edge telecom services. Batelco’s focus on network excellence and infrastructure investment led to the company being recognised for its excellence in the TRA (Telecommunications Regulatory Authority) Quality of Service report and also globally by Ookla, which ranks Batelco’s network performance on par with the top nations globally in its Speedtest Global Index.”

Before concluding, Mr. Kvaalseth added, “Our employees remain at the core of Beyon’s success, and we are proud that Beyon has been named a ‘Great Place to Work’ for the fifth consecutive year.” Mr. Kvaalseth went on to extend his appreciation to the Chairman and the Board of Directors for their guidance and support. He also acknowledged the accomplishments of all Beyon’s entities in Bahrain and internationally, emphasizing their role in the company’s 2024 success. Looking ahead, Mr. Kvaalseth expressed confidence in the Group’s ability to capitalize on future opportunities for growth in 2025.

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