Batelco net profit rises 41% in Q3, revenue down 1%

29 Oct 2020

Bahraini telecoms group Batelco has announced its financial results for the three-month period ending 30 September 2020, reporting a 41% rise in net profit to BHD14.4 million (USD38.0 million) from BHD10.2 million in the corresponding period of 2019, which the company said was mainly attributable to an 18% year-on-year decrease in operating expenses. Net profit for the first nine months of 2020, meanwhile, increased by 14% y-o-y to BHD50.3 million. Revenues during the period declined 1% compared to Q3 2019, from BHD96.9 million to BHD95.9 million, while a 4% drop to BHD285.7 million was recorded for the first nine months of 2020. EBITDA rose by 21% to BHD31.6 million in the third quarter and by 13% in the nine-month period to BHD120.1 million, while operating profit for the quarter increased by 38% to BHD20.1 million from BHD14.6 million in the year ago period. Batelco’s total subscriber base stood at 3.8 million at the end of September 2020, down from 4.1 million twelve months earlier, with international operations contributing 53% of revenues and 50% of EBITDA, compared with 56% and 58% respectively in Q3 2019.

Batelco CEO Mikkel Vinter commented: ‘The financial results in the third quarter remained positive and consistent with our performance for the first six months of the year. This reflects the dedicated efforts of the entire team in Batelco and their commitments to achieve their targets in a very dynamic environment. Our priority has been delivering our promise to the Board and achieving the strategic objectives we have set for ourselves, while focussing on our customers and their increased demand for digital services and solutions.’

Bahrain, Bahrain Telecommunications Company (Batelco)