Bahrain Telecom net profit up 5% to $99.5m in H1

Bahrain Telecom net profit up 5% to $99.5m in H1

Bahrain Telecommunication Company (Batelco) reported an increase of 5% in net profits to BD37.5 million ($99.5 million) for H1 2021.

The principal telecommunications company in Bahrain posted a 3% increase in net profit attributable to equity holders of the company of BD17.8 million ($47.2 million) for the second quarter (Q2) compared to BD17.3 million ($45.9 million) for Q2 2020.

The increase in net profit is mainly attributable to steady increases in revenues for the first six months of the year, Batelco said.

Revenues for Q2 increased by 7% to BHD 98.4 million, thanks to growth in fixed broadband, adjacent services, and wholesale revenues of 18%, 16%, and 5% respectively. EBITDA amounted to BHD 41.7 million compared to BHD 40.3 million in Q2 2020, an increase of 3 %.

Batelco Chairman, Shaikh Abdulla bin Khalifa Al Khalifa said, “Batelco’s Board is pleased with the Company’s performance for the first half of the year. Following a positive start to the year, we are glad to maintain the momentum, which is reflected in our financial results for the second quarter. Batelco achieved a 4% increase in revenues, contributing to a 4% increase in EBITDA and 5% increase in net profit for the six months ended June 2021. We appreciate the efforts of the executive team for their diligent management and commitment to implementing the strategic objectives.”

Batelco CEO Mikkel Vinter said: “During the first half of 2021, Batelco focussed on delivering exceptional speeds and innovative products for the enterprise, consumer, and global business sectors. Key achievements included introducing new 5G Mobile Broadband packages to deliver speeds six times faster than 4G, and redesigned Home Fiber Broadband packages with speeds as high as 1Gbps."

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