Bahrain-based Batelco Group has announced its financial results for the six months ending 30 June 2019, reporting a 1% year-on-year rise in revenues to BHD201.7 million (USD531.5 million). H1 2019 EBITDA stood at BHD74.4 million, 2% higher than the same period of 2018, while operating profits increased 1% y-o-y to BHD40.9 million. Batelco’s impairment loss of BHD20.3 million on its investment in its associate company in Yemen was compensated by a gain of BHD27.2 million in Q2 2019 from the group’s sale of Kuwaiti ISP Qualitynet, resulting in a consolidated six-month net profit of BHD34.0 million, 18% higher than H1 2018.
The group highlighted that revenues were supported by a strong performance in its domestic market, with turnover from fixed broadband up 10% y-o-y alongside a 20% improvement for its data communications business, while international operations contributed 57% of revenues and 55% of EBITDA. The group’s total subscriber base stood at 8.4 million at the end of June, down from 9.2 million twelve months earlier.
Batelco CEO Mikkel Vinter commented: ‘Investment in 5G, data centres, enterprise solutions and digital revenue streams are among our key priorities and support our efforts which contribute towards the growth of the digital economy in line with the Kingdom’s vision.’