Bahrain’s Beyon reports $49.9 million net profit for Q1-2024

Bahrain’s Beyon reports $49.9 million net profit for Q1-2024

Image Credit: Beyon

Manama: Bahrain Telecommunications Company BSC (BEYON) announced net profit attributable to equity holders of the company for Q1 2024 of 18.8 million Bahraini dinars ($49.9 million), a 4 per cent increase from 18 million dinars ($47.7 million) for the corresponding quarter of 2023. Earnings per share (EPS) are 11.4 fils for the first quarter of 2024 compared to 10.9 fils in Q1-2023.

Total comprehensive income attributable to equity holders in Q1-2024 was reported at 39.7 million dinars ($105.3 million), a 91 per cent increase from 20.8 million dinars ($55.2 million) in the first quarter of 2023, mainly due to favourable investment fair value changes.

Operating profit in Q1-2024 increased by 6 per cent to 27.0 million dinars ($71.6 million) from 25.5 million dinars ($67.6 million) in Q1-2023. EBITDA stood at 44.1 million dinars ($117.0 million) in Q1-2024 compared to 42.7 million dinars ($113.3 million) in Q1-2023, an increase of 3 per cent. The company maintained a healthy EBITDA margin of 40 per cent in Q1-2024.

Revenues for the first quarter of 2024 increased by 7 per cent to 110.5 million dinars ($293.1 million) compared to 103.5 million dinars ($274.5 million) in Q1-2023, mainly due to increases in mobile, datacoms and digital services.

Beyon's balance sheet remains