Bahrain's Beyon reports $49.9 million net profit for Q1-2024
Operating profit increased by 6% to $71.6 million from $67.6 million in Q1-2023
Manama: Bahrain Telecommunications Company BSC (BEYON) announced net profit attributable to equity holders of the company for Q1 2024 of 18.8 million Bahraini dinars ($49.9 million), a 4 per cent increase from 18 million dinars ($47.7 million) for the corresponding quarter of 2023. Earnings per share (EPS) are 11.4 fils for the first quarter of 2024 compared to 10.9 fils in Q1-2023.
Total comprehensive income attributable to equity holders in Q1-2024 was reported at 39.7 million dinars ($105.3 million), a 91 per cent increase from 20.8 million dinars ($55.2 million) in the first quarter of 2023, mainly due to favourable investment fair value changes.
Operating profit in Q1-2024 increased by 6 per cent to 27.0 million dinars ($71.6 million) from 25.5 million dinars ($67.6 million) in Q1-2023. EBITDA stood at 44.1 million dinars ($117.0 million) in Q1-2024 compared to 42.7 million dinars ($113.3 million) in Q1-2023, an increase of 3 per cent. The company maintained a healthy EBITDA margin of 40 per cent in Q1-2024.
Revenues for the first quarter of 2024 increased by 7 per cent to 110.5 million dinars ($293.1 million) compared to 103.5 million dinars ($274.5 million) in Q1-2023, mainly due to increases in mobile, datacoms and digital services.
Beyon's balance sheet remains strong, with total equity attributable to equity holders of the company of 525.9 million dinars ($1.395 billion) as of March 31, 2024, 1 per cent lower than the 532.3 million dinars ($1.412 billion) reported as of December 31, 2023.
As of March 31, 2024, total assets were 1.201 billion dinars ($3.186 billion), 3 per cent higher than the 1.165 billion dinars ($3.091 billion) reported in Q4-2023. Q1 net assets stood at 579 million dinars ($1.536 billion), 1 per cent lower than the 582.5 million dinars ($1.545 billion) reported in Q4-2023. The company's cash and bank balances were a substantial 208.5 million dinars ($553.1 million).
Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa said: "The Board is pleased with the advances Beyon's management has made in implementing the strategy for growth and expansion, leading to the strong financial and operational performance for the first quarter of 2024."
Beyon's continuous strategic focus on expanding its regional footprint and product portfolio through acquisitions, and on strengthening its core services and infrastructure, has contributed to the solid results marked by increased revenues and net profit, up by 7 per cent and 4 per cent respectively." Shaikh Abdulla added. "Furthermore, in line with our key priority to meet shareholders' expectations, we are pleased to announce improved earnings per share of 11.4 fils compared to 10.9 fils for the corresponding period of 2023."