Manama, Bahrain: Beyon BSC (Ticker: BEYON), today announced its financial results for the second quarter and first half of 2025. Beyon reported net profit attributable to equity holders of BD17.2M (US$45.6M) for Q2 2025, a 13% decrease from BD19.8M (US$52.5M) reported for the corresponding quarter of 2024. The YoY decline in net profit attributable to equity holders is mainly due to additional taxes from the application of Domestic Minimum Top-Taxes (“DMTT”), effective 1 January 2025, and acquisition charges associated with the acquisitions completed in 2024. Earnings per share (EPS) are 10.4 fils for the second quarter of 2025, compared to 12.0 fils in Q2 2024.
Total comprehensive income attributable to equity holders in Q2 2025 was reported at BD26.7M (US$70.8M), a 53% increase from BD17.4M (US$46.2M) in the second quarter of 2024, mainly due to favorable foreign currency translation differences and investment fair value changes.
Operating profit in Q2 2025 of BD28.5M (US$75.6M) is in line with BD28.5M (US$75.6M) reported in Q2 2024. EBITDA stands at BD46.9M (US$124.4M) in Q2 2025 compared to BD45.2M (US$119.9M) in Q2 2024, an increase of 4%. The company maintained a healthy EBITDA margin of 37% in Q2 2025. Revenues for the second quarter of 2025 increased by 11% to BD125.3M (US$332.4M) compared to BD112.5M (US$298.4M) in Q2 2024.
For the first six months of 2025, net profit attributable to equity holders of the company of BD35.3M (US$93.6M) decreased by 9% compared to BD38.6M (US$102.4M) in 2024, mainly due to DMTT and acquisition related charges. Earnings per share (EPS) are 21.3 fils for the period compared to an EPS of 23.3 fils for H1 2024.
Total comprehensive income attributable to equity holders of the company decreased by 32% from BD57.1M (US$151.5M) in H1 2024 to BD38.6M (US$102.4M) in H1 2025 mainly due to investment fair value changes.
Operating profits decreased by 2% from BD55.6M (US$147.5M) in H1 2024 to BD54.5M (US$144.6M) in H1 2025. However, EBITDA increased by 3% from BD89.2M (US$236.6M) in H1 2024 to BD92.3M (US$244.8M) in H1 2025. The company maintained a healthy EBITDA margin of 38% in H1 2025.
Revenues for the first six months of the year of BD242.8M (US$644.0M) increased by 9% from BD222.9M (US$591.2M) of revenues in H1 2024, mainly due to increases in mobile, fixed broadband, wholesale and digital services. Beyon was able to grow its overall customer base by 6% YoY with a 7% and 3% increase in mobile and broadband subscribers respectively.
Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD567.8M (US$1,506.1M) as of 30 June 2025, 1% higher than BD564.2M (US$1,496.6M) reported as of 31 December 2024. Total assets of BD1,274.6M (US$3,380.9M) as of 30 June 2025 are 1% higher than total assets of BD1,256.0M (US$3,331.6M) as of 31 December 2024. Net assets as of 30 June 2025 which stand at BD624.7M (US$1,657.0M) are in line with BD621.8M (US$1,649.3M) reported as of 31 December 2024. The Company reported cash and bank balances of BD125.9M (US$334.0M) as of 30 June 2025.
The Board of Directors approved an interim cash dividend for shareholders of 13.5 fils per share or 13.5% of paid-up capital for the six-month period of 2025. This is in line with the 2024 interim dividend payment and the Board of Directors’ commitment to continuously deliver strong returns to shareholders.
Financial and Operational Highlights
| H1 2025 | H1 2024 | Variance | Q2 2025 | Q2 2024 | Variance | |||||
| BDM | US$M | BDM | US$M | % | BDM | US$M | BDM | US$M | % | |
| Gross Revenues | 242.8 | 644.0 | 222.9 | 591.2 | +9 | 125.3 | 332.4 | 112.5 | 298.4 | +11 |
| EBITDA | 92.3 | 244.8 | 89.2 | 236.6 | +3 | 46.9 | 124.4 | 45.2 | 119.9 | +4 |
| Operating Profit | 54.5 | 144.6 | 55.6 | 147.5 | -2 | 28.5 | 75.6 | 28.5 | 75.6 | – |
| Net Profit attributable to equity holders of the company | 35.3 | 93.6 | 38.6 | 102.4 | -9 | 17.2 | 45.6 | 19.8 | 52.5 | -13 |
| Total Comprehensive income attributable to equity holders of the company | 38.6 | 102.4 | 57.1 | 151.5 | -32 | 26.7 | 70.8 | 17.4 | 46.2 | +53 |
| Customer Base (telecom operations)* | 4.6M | 4.3M | +6 | |||||||
| Contribution to Revenues by International Operations | 55% | 52% | +3 | |||||||
| Contribution to EBITDA by International Operations | 59% | 55% | +4 | |||||||
*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 commented on the financial results for the second quarter of 2025 and the first six months of 2025 following a meeting of the Board of Directors on Wednesday 30th July, at Beyon’s Campus, Hamala, Kingdom of Bahrain.
“The Board is pleased to see Beyon continuing the positive trajectory established in previous quarters, delivering solid revenue growth and a healthy EBITDA margin in the second half of 2025. The Group’s performance remains is in line with expectations and reflects the continued strength of our strategy.”
“Despite the expected result of the application of Domestic Minimum Top-Up Taxes (DMTT) on net profit, the underlying fundamentals of the business remain strong, with consistent operational delivery and financial resilience. Our ability to sustain robust EBITDA performance while investing in future-focused platforms is a testament to the Group’s sound financial position and long-term outlook. Notably, the Group continues to distribute dividends in line with previous years, reaffirming our commitment to delivering sustained value for shareholders while ensuring the financial strength required to support future growth.”
Shaikh Abdulla also spoke to Beyon’s deep commitment to supporting national digital ambitions, “In parallel with our business performance, through strategic investments and partnerships, we continue to support the Kingdom’s digital transformation journey, investing in secure connectivity and advanced infrastructure as well as innovations in cloud and cybersecurity solutions. These efforts reflect our Group’s purpose of unlocking opportunities for communities, businesses, and government through technology, and delivering on our promise to accelerate digital progress in the communities we serve.”
Expanding on the Group’s performance, Beyon CEO, Andrew Kvaalseth, said, “Our results in the second quarter of 2025 reinforce the strength of our operations and our disciplined approach to delivering value. We’ve seen continued momentum across our core business lines, with a 6% year-on-year increase in our customer base—driven by a 7% rise in mobile subscribers and 3% growth in fixed broadband. Additionally, our international operations also performed well, with Umniah, our Jordan-based telecom, recording a 9% year-on-year revenue increase. These gains are an important validation of our regional strategy and our ability to deliver high-quality, customer-centric connectivity solutions in a competitive landscape.”
“Closer to home, Batelco by Beyon launched Voya, Bahrain’s first fully digital eSIM solution, marking a significant step in how customers engage with mobile services both locally and internationally. Voya builds on our innovation track record and underlines our commitment to shaping the future of digital access in the Kingdom. We also made meaningful progress on the enterprise front with our collaboration with key partners in the financial sector enabling seamless infrastructure migration and deeper integration of telecommunications with financial services.”
“Within our digital companies, we have continued to scale our service offerings. Beyon Solutions advanced its work with the industrial sector through strategic engagements focused on accelerating digital innovation and sustainable practices. Beyon Money Business delivered on a seamless, closed-loop payment ecosystem for merchants. Meanwhile, Beyon Connect expanded its regional presence and thought leadership through active participation in the Arab Postal Leaders Forum, reinforcing its commitment to public-private digital transformation.
“With solid progress in both our telecom and digital businesses, and a clear growth roadmap, we remain confident in our ability to execute and lead as we move into the second half of the year.”