Bahraini telecoms group Batelco has announced its financial results for the three months ended 31 March 2021, reporting net profit of BHD19.7 million (USD51.96 million), a 6% increase from BHD18.5 million in the corresponding period of 2020, which the company attributed to improved revenues and effective control of costs. Gross revenues for the first quarter of 2021 rose 2% to BHD99.7 million, compared with BHD97.6 million in 1Q20, mainly driven by year-on-year increases in fixed broadband (up 19%), adjacent services (17%) and wholesale revenues (8%). Operating profit for the quarter rose by 4% to BHD25.4 million and EBITDA reached BHD43.8 million compared to BHD41.6 million twelve months earlier, an increase of 5% with a ‘healthy’ EBITDA margin of 44%. The group’s international operations, meanwhile, contributed 53% of revenues and 51% of EBITDA.
Commenting on the results, Batelco Chairman Shaikh Abdulla bin Khalifa Al Khalifa said: ‘The positive start to the year is the result of Batelco’s strategic direction to enhance its core business with a focus on connectivity and growing ICT services, while effectively managing costs … We have started 2021 on a strong note and over the coming months, we will continue to build on this positive trend.’