Bahraini telecoms group Batelco has announced its financial results for the six months ending 30 June 2020, reporting a 6% increase in net profit to BHD35.9 million (USD94.7 million). Revenues during the period decreased 6% year-on-year to BHD189.8 million, impacted by the sale in May 2019 of Qualitynet, which contributed BHD11.4 million in H1 2019. Operating profit rose 16% to BHD47.4 million in H1 2020, while EBITDA increased by 10% to BHD81.8 million thanks to a 16% year-on-year reduction in operating expenses. The group notes it retains a ‘healthy’ EBITDA margin of 43%. Batelco’s total subscriber base stood at 3.7 million at the end of June, down from 4.0 million twelve months earlier, with international operations contributing 53% of revenues and 48% of EBITDA, compared with 57% and 55% in H1 2019.
Batelco CEO Mikkel Vinter commented: ‘We are proud of the strong financial results of the first six months during these challenging times which is a result of the dedicated efforts and operational efficiency of the company. This reflects the dedicated efforts that the entire Batelco team has put in. We adapted quickly to face the COVID-19 situation and have been committed since early in the year to remain focussed and positive in order to execute our corporate strategy plans and deliver on our promises to the Board of Directors.’