Bahrain-based Batelco Group has announced its financial results for the first quarter of 2019, reporting an 11% rise in net profits to BHD14.6 million (USD38.4 million) on revenues of BHD101.2 million (up 2%), thanks to strong performance at Batelco Bahrain, Umniah in Jordan and Dhiraagu in the Maldives. The group also stated EBITDA grew 6% in Q1 2019 compared with the same period of 2018 to BHD38.6 million, while operating profits were up 8% to BHD21.9 million.
Batelco Group CEO Ihab Hinnawi said that strong operational performances across the group represented a very promising start to the year. ‘Intense competition in the telecommunication markets we operate in continues to present challenges. However, growth in key areas including in our digital services, which improved by 12% year-on-year, supported the positive revenue contribution.’
During the first quarter of 2019, Batelco’s domestic fixed line and fixed broadband customer bases grew by 1% and 4% respectively, compared to 31 December 2018. However, the group’s total subscriber base declined to 8.4 million in Q1 2019, a 10% drop on the 9.3 million recorded in the same period of 2018.