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Batelco logs BHD 14.6m profit in Q1 on higher revenues

Batelco logs BHD 14.6m profit in Q1 on higher revenues
The rise in Q1-19 profits was attributed to a 1.72% growth in revenues
Batelco
BATELCO
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Mubasher: Bahrain Telecommunication Company (Batelco) reported an 11.4% year-on-year increase in profits during the first quarter of 2019, boosted by higher revenues.

Batelco’s profits reached BHD 14.61 million ($39.06 million) in Q1-19, compared to BHD 13.12 million ($35.07 million) during Q1-18, according to a statement to Bahrain Bourse on Thursday.

The telecommunication provider attributed the rise in Q1-19 profits a 1.72% growth in revenues to BHD 101.22 million, along with implementing cost containment programmes.

“We are delighted to continue to deliver growing revenues and profits keeping in line with our improved financial achievements during 2018,” said Batelco’s chairman Abdulla bin Khalifa Al Khalifa.

Batelco’s large investments in data and fibre contributed to boosting revenues, Al Khalifa added.

“Intense competition in the telecommunication markets we operate in continue to present challenges. However, growth in key areas including in our digital services, which improved by 12% year-on-year, supported the positive revenue contribution,” the firm’s CEO Ihab Hinnawi stated.

Batelco’s effective fibre delivery to clients and the large portfolio of digital products and services helped in boosting the number of customers in Bahrain, Batelco Bahrain CEO Mohamed Bubashait said.

In 2018, Batelco’s profits attributable to shareholders reached BHD 50.11 million, compared to BHD 3.49 million a year ago.