Bahrain-based Batelco Group revealed consolidated net profit for the nine-month period to end-September 2014 of BHD40.9 million (USD107.8 million), up 11% from BHD36.7 million for the same period in 2013, while third-quarter net profit grew 40% against 3Q13 and 53% compared to 2Q14 to reach BHD16.0 million. The cost reduction efforts across the group have been named responsible for the profits, with operations in home country Bahrain realising ‘substantial savings’. EBITDA for the first nine months of 2014 was BHD111.4 million, representative of a 38% margin, in comparison to BHD88.1 million and a 32% margin a year earlier. Gross revenue for the nine-month period reached BHD291.9 million, 8% higher year-on-year, although revenue for the quarter fell 3% compared to 3Q13. Operating profit for the quarter grew 45% y-o-y and 31% from the previous quarter, with subsidiaries in the Channel Islands, Isle of Man and the Maldives doing notably well. The company’s consolidated subscriber base grew to 9.3 million at end-September 2014, representing 5% growth y-o-y; units in Bahrain and Jordan (Umniah) contributed significant growth in the mobile base (increasing their respective mobile users by 11% and 8% y-o-y) while the Channel Islands/Isle of Man and Maldives units delivered strong growth in their broadband subscriber bases (up 13% and 7% respectively).
Group CEO Alan Whelan concluded the results, saying: ‘Our management teams across our 14 geographies have been working solidly throughout the year to drive growth and diversification in their respective markets. This has put us in a strong position and gives us a stable platform to work from.’