Bahrain-based Batelco Group has announced its full-year 2017 financial results, recording a 3% increase in gross revenue to BHD379.4 million (USD1.0 billion) over the twelve months ended 31 December 2017, compared with BHD367.1 million in full-year 2016. Group EBITDA was down 8% year-on-year in 2017, totalling BHD124.7 million, falling from BHD135.2 million one year previously. Batelco Group attributes the decline in EBITDA mainly to BHD8.1 million of voluntary employee retirement costs incurred in its Batelco Bahrain subsidiary. The Group’s operating profit also fell 11% in 2017, from BHD65.4 million to BHD58.4 million, although Batelco notes that excluding employee retirement costs, operating profits were up 2% from the previous year. Net profit declined by 91% from BHD37.6 million in 2016 to stand at BHD3.5 million one year later, mainly impacted by impairment losses related to the group’s investments in Jordan and Yemen.
In operational terms, Batelco Group’s subscriber base remained unchanged year-on-year to stand at 9.4 million for full-year 2017.