Beyon announces Q1 2023 financial results

Beyon announces Q1 2023 financial results

Manama, Bahrain: Beyon (Ticker: BATELCO), announced net profit attributable to equity holders of the company for Q1 2023 of BD18.0M (US$47.7M), a 1% increase from BD17.9M (US$47.5M) for the corresponding quarter of 2022. Earnings per share (EPS) are 10.9 fils for the first quarter of 2023 compared to 10.8 fils in Q1 2022.

Total comprehensive income attributable to equity holders in Q1 2023 was reported at BD20.8M (US$55.2M), a 61% increase from BD12.9M (US$34.2M) in the first quarter of 2022, due to higher profit and foreign currency translation differences.

Revenues for Q1 2023 are BD103.5M (US$274.5M) compared to BD98.5M (US$261.3M) in Q1 2022, up by 5%, mainly due to increases in mobile, wholesale and digital services. Operating profit for the first quarter of 2023 increased by 15% to BD25.5M (US$67.6M) from BD22.1M (US$58.6M) in Q1 2022. EBITDA stands at BD42.7M (US$113.3M) in Q1 2023 compared to BD40.6M (US$107.7M) in Q1 2022, an increase of 5%. The company maintained a healthy EBITDA margin of 41% in Q1 2023.

Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD483.8M (US$1,283.3M) as of 31 March 2023, 3% lower than BD496.4M (US$1,316.7M) reported as of 31 December 2022. Total assets