Manama, Bahrain: Bahrain Telecommunications Company BSC (Ticker: BEYON), announced net profit attributable to equity holders of the company for Q4 2023 of BD16.5M (US$43.8M), a 2% increase from BD16.2M (US$43.0M) for the corresponding quarter of 2022. Earnings per share (EPS) are 10.0 fils for the fourth quarter of 2023 compared to 9.8 fils in Q4 2022.

Total comprehensive income attributable to equity holders in Q4 2023 was reported at BD24.8M (US$65.8M), a 12% increase from BD22.1M (US$58.6M) in the fourth quarter of 2022, mainly due to investment fair value changes.

Operating profit in Q4 2023 increased by 2% to BD24.4M (US$64.7M) from BD24.0M (US$63.7M) in Q4 2022. EBITDA stands at BD40.4M (US$107.2M) in Q4 2023 compared to BD41.8M (US$110.9M) in Q4 2022, a decrease of 3%. Revenues for the fourth quarter of 2023 increased by 5% to BD109.5M (US$290.5M) compared to BD104.6M (US$277.5M) in Q4 2022.

For the full year of 2023, net profit attributable to equity holders of the company of BD72.0M (US$191.0M) increased by 2% compared to BD70.3M (US$186.5M) in 2022. Earnings per share (EPS) are 43.6 fils for the year compared to an EPS of 42.5 for the corresponding period in 2022.

Total comprehensive income attributable to equity holders of the company during the year is up by 57% from BD58.2M (US$154.4M) in 2022 to BD91.6M (US$243.0M) in 2023 resulting from foreign exchange translation differences and investment fair value changes.

Operating profits increased by 11% from BD93.6M (US$248.3M) in 2022 to BD104.0M (US$275.9M) in 2023. Similarly, EBITDA increased by 3% from BD165.4M (US$438.7M) in 2022 to BD171.1M (US$453.8M) in 2023. The company maintained a healthy EBITDA margin of 40% in 2023.

Revenues for the full year of BD424.9M (US$1,127.1M) increased by 5% from BD402.8M (US$1,068.4M) of revenues in 2022, mainly due to increases in mobile, wholesale and digital services. Beyon was able to grow its overall customer base by 2% YoY with increases in mobile customers of 11% in Batelco Bahrain, 5% in Umniah in Jordan and 3% in Sure Group.

Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD532.3M (US$1,411.9M) as of 31 December 2023, 7% higher than BD496.4M (US$1,316.7M) reported as of 31 December 2022. Total assets of BD1,165.4M (US$3,091.2M) as of 31 December 2023 are 6% higher than total assets of BD1,101.9M (US$2,922.8M) as of 31 December 2022. Net assets as of 31 December 2023 which stand at BD582.5M (US$1,545.1M) are 7% higher than BD542.3M (US$1,438.5M) reported as of 31 December 2022. The Company’s cash and bank balances, which reflect the 2023 interim dividend of 13.5 fils per share paid in August 2023, are a substantial BD235.8M (US$625.5M).

Beyon is committed to delivering excellent returns to its shareholders and accordingly, the Board of Directors has recommended a full year cash dividend of BD64.7M (US$171.6M), at a value of 39.0 fils per share which includes the regular dividend of 32.5 fils per share plus an additional special dividend of 6.5 fils per share, to be agreed at the Annual General Meeting. The 2023 interim dividend of 13.5 fils per share was already paid during the third quarter of 2023 with the remaining 25.5 fils to be paid following the AGM in March 2024.   

Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa announced the 2023 4th Quarter and Full Year financial results, following a board meeting on 27th February at Beyon’s headquarters in Hamala Bahrain.

“While Beyon continues on its transformation journey, we are still achieving excellent results reflected by a 5% increase in revenues year over year and improved Earnings per Share of 43.6 fils for the year compared to an EPS of 42.5 for 2022. The Board of Directors is pleased with the solid performance which emphasizes the importance placed on meeting shareholders’ expectations.”

“Beyon has an ambitious strategy to grow outside of Bahrain through strategic acquisitions and partnerships and by taking our digital brands into new regional and international markets. The Board of Directors is proud of the good progress achieved which includes acquisitions by Beyon Cyber and Beyon Solutions, while Beyon Connect established a joint venture in partnership with Egypt Post, and Beyon Money entered the UAE market.”

“To support the acceleration of Bahrain’s digital transformation, Beyon undertook its biggest investment ever in advanced data centres and subsea cables, including becoming a consortium partner in the SMW6 cable. These achievements are possible due to the establishment of an ecosystem that encourages the growth of the digital sector and the economic prosperity in the Kingdom of Bahrain under the leadership of His Majesty King Hamad bin Isa Al Khalifa and with the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.”

“Whilst we engage in expansion and development of new services, sustainability continues to be important, and we remain committed to supporting the Kingdom’s vision of achieving zero carbon neutrality by 2060. In line with this, we were pleased to announce the completion of the second phase of Beyon Solar Park, and our Data Centre at Beyon Data Oasis became the first in Bahrain to rely entirely on clean energy generated from our Solar Park. “

‘On behalf of my colleagues on the Board, I extend appreciation to our shareholders for their trust. My personal thanks to my colleagues on the Board for their support during a very busy year as Beyon continues to elevate its growth and development plans. I also offer grateful thanks to all members of the Beyon family for their contributions leading to a strong performance for 2023.”

Shaikh Abdulla concluded his statement by saying, “Looking ahead we will continue our journey, focusing on implementing the next steps in our transformation strategy. The success of the past year gives us confidence that we are on the right path and that we have created a solid platform to achieve our goals.”

Beyon CEO Mikkel Vinter said, “We are pleased with the progress made during 2023 with many notable achievements, taking us closer to our vision of being a technology powerhouse.”

“During 2023, Beyon’s management team continued our ambitious regional expansion plans via organic growth plus strategic partnerships and acquisitions. In line with this, Beyon Money launched its innovative customer-focused financial services in the UAE, taking a range of its value-added services to this important regional market. Additionally, we were pleased to boost our portfolio through carefully selected acquisitions, adding cybersecurity services from DTS Solution, a leading regional Cyber Security Advisory firm, and specialised cloud IT solutions from Insomea, a leading regional cloud IT solution consultancy and managed services provider, specialized in Microsoft technology.”

“I take particular pride in Beyon’s people who work diligently to achieve our milestones, and Beyon’s continuous initiatives focusing on its team members, which played a crucial role in Beyon being recognised for the 4th consecutive year as a great workplace by Great Place to Work®, and additionally being selected for the 2023 Best Workplaces in Asia List, accolades that we are extremely proud of,” he added.

Before concluding, Mr. Vinter extended his appreciation to Beyon’s Board of Directors for their guidance and invaluable support, and also offered his personal thanks to the management team and all team members across the Beyon companies for their efforts which ensured a successful year.

Mr. Vinter concluded, “The many milestone achievements of 2023 are a testament to our ability to execute and advance our major strategic projects. Based on this strong position, we have developed exciting plans for the year ahead and I look forward to working alongside the Beyon team to add another successful year to the Beyon transformation journey.”

This press release, along with the full set of financial statements, is available on the Bahrain Bourse website and on Beyon website, www.beyon.com

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This press release has been issued by Beyon Corporations Communications & Sustainability Department. For further information, please contact public.relations@beyon.com