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Batelco posts $90.2m profit in H1-19; Board approves cash dividends

Batelco posts $90.2m profit in H1-19; Board approves cash dividends
Operating profits increased to BHD 40.9m in H1
Batelco
BATELCO
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Mubasher: Bahrain Telecommunication Company (Batelco) has reported an 18% year-on-year profit increase during the first six months of 2019, recording  BHD 34 million ($90.2 million).

The company’s revenue went up by 1% year-on-year to BHD 201.7 million in H1-19, according to a company statement released on Thursday.

Operating profits increased to BHD 40.9 million from January 2019 to the end of June, compared to BHD 40.5 million in the year-ago period.

“We are very pleased to deliver this set of financial results which reflect the efforts of our teams who have continued to be focussed on our strategic goals, which includes becoming a leading regional provider of digital services for both consumers and businesses,” Batelco’s chairman, Shaikh Abdulla bin Khalifa Al Khalifa, said.

Quarterly, Batelco’s net profit attributable to equity holders grew by 24% to BHD 19.4 million ($51.5 million) in the second quarter of 2019, compared to BHD 15.7 million ($41.6 million) the year before.

Earnings per share (EPS) reached 11.7 fils in Q2-19, from 9.4 fils in Q2-18.

The Bahrain Bourse-listed telecom company’s board approved 10 fils-per share dividends for shareholders.

“Investment in 5G, Data Centres, enterprise solutions and digital revenue streams are among our key priorities and support our efforts which contribute towards the growth of the digital economy in line with the Kingdom’s vision,” Batelco’s CEO, Mikkel Vinter, remarked.

Batelco reported an 11.4% year-on-year increase in profits during the first quarter of 2019, recording BHD 14.61 million ($39.06 million).