Bahraini telecoms group Batelco has announced its financial results for the quarter and nine months ended 30 September 2021, reporting a 9% year-on-year increase in net profit for the quarter to BHD15.7 million (USD41.4 million), while net profit for the first nine months of 2021 reached BHD53.2 million, a rise of 6%. Revenues grew 2% y-o-y to BHD98.2 million in the third quarter and by 4% to BHD296.4 million in 9M21, mainly driven by y-o-y increases in fixed broadband, adjacent services and wholesale revenues of 15%, 15% and 3% respectively. Operating profit for the quarter, meanwhile, was 8% higher at BHD21.8 million (up 5% to BHD71.0 million in 9M21) and EBITDA stood at BHD40.6 million in 3Q21 compared to BHD38.2 million in the same period of 2020, an increase of 6%. For the first nine months of 2021, EBITDA rose 5% to BHD126.0 million, with a ‘healthy’ EBITDA margin of 43%. Batelco’s total subscriber base stood at 3.9 million at the end of September, an increase from 3.8 million twelve months earlier, with international operations contributing 53% of both revenues (unchanged y-o-y) and EBITDA (up two percentage points).
Commenting on the company’s operational performance, Batelco CEO Mikkel Vinter said: ‘I’m happy that we have maintained the momentum set in the first six months of 2021 to deliver sound financial results, with a year-on-year increase of 15% respectively in fixed broadband and adjacent services and 3% increase in wholesale revenues contributing positively to this.’