MANAMA: Batelco has announced net profit for Q1-2021 of BD19.7 million ($52.3m), a 6 per cent increase from BD18.5m ($49.1m) for the corresponding period of 2020.

The increase in net profit is attributable to increases in revenues whilst maintaining good control of costs.

Earnings per share (EPS) are 11.9 fils for the first quarter of 2021 compared to 11.2 fils in Q1 2020.

Total comprehensive income for Q1 2021 was BD29.9m, an increase of 151pc from BD11.9m for the first quarter of 2020.

Revenues for Q1-2021 of BD99.7m increased by 2pc compared to BD97.6m in Q1-2020.

The increase in revenues is mainly due to YoY increases in fixed broadband, adjacent services and wholesale revenues of 19pc, 17pc and 8pc respectively.

Similarly, operating profit for the quarter is up by 4pc to BD25.4m from BD24.5m in Q1-2020.

EBITDA for Q1-2021 stands at BD43.8m compared to BD41.6m in Q1-2020, an increase of 5pc with a healthy EBITDA margin of 44pc.

The balance sheet remains strong with total equity of BD470.3m, 1pc lower than BD473.2m reported as of end-2020.

Total assets of BD1,016.1m as of end-March 2021 have increased by 2pc compared to total assets of BD992.2m as of end-2020.

Net assets as of end-March 2021 at BD511.7m are in line with BD512.1m reported as of end-2020.

The company’s cash and bank balances are a substantial BD200.2m.

Batelco chairman Shaikh Abdulla bin Khalifa Al Khalifa announced the results following a board meeting yesterday, which took place virtually.

“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,” Shaikh Abdulla said.

“Meeting our shareholders’ expectations is a priority and we will remain focused on maximising shareholder value in line with what we have achieved in 2020. We have started 2021 on a strong note and over the coming months, we will continue to build on this positive trend,” he added.

Speaking following the announcement of the financials, Batelco chief executive Mikkel Vinter said: “The solid results of the first quarter are encouraging and will motivate us to continue the year at the same pace. We have invested in the further development of our networks, leading to Batelco being named by Speedtest by Ookla as Bahrain’s top-rated mobile network, an achievement we are proud of.

“The demand for efficient home internet services continues to be high as many people are still working and studying from home, and accordingly we were creative in coming up with products such as Batelco Red Box to enhance the customers’ home WiFi experience.”

Mr Vinter added: “Developing our ICT portfolio remains constant with good progress for our data centre plans during the first quarter. We are glad to see the positive take up for its services with key customers particularly in the banking and finance sector.

“Looking ahead, delivering innovative digital services, and driving digital growth will be central to our plans. We are confident that we have the right strategy and team in place to build on the solid performance of the first quarter of 2021.”

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