Batelco reports 60 per cent increase in first-quarter profit
Bahrain, Jordan boost teleco earnings
Batelco, the Manama-based regional telecommunications company, said first-quarter profit increased 60 per cent, boosted by strong growth in Bahrain where improvements in mobile and broadband services aided revenue growth.
Net income in the first three months of the year rose 60 per cent to 13.1 million Bahraini dinars (Dh127.9m) compared to 8.2m dinars in the first quarter of 2017, the company said. Revenues grew 11 per cent in the first quarter to 99.5m dinars compared to 89.7m dinars in the same period last year.
“Across our group of operations, we are working diligently on our strategic plans to provide reliable and future proof networks that meet the needs of each location, with their specific requirements,” said Shaikh Mohamed bin Khalifa Al Khalifa, Batelco’s chairman.
“At home, we remain focused on ensuring that Bahrain is among the best-connected countries in the region, in support of the Bahrain government’s initiatives for the communications sector.”
Batelco Bahrain CEO Mohamed Bubashait said that Batelco’s fibre delivery as well as digital products and services led to a 7 per cent increase in fixed line customers and 27 per cent gain in broadband subscribers on a year-on-year basis.
Elsewhere, Jordan provided the biggest boost from the company’s international operations where revenue grew 24 per cent in the first quarter compared to the same period last year.
Mr Al Khalifa said that he expected that the company’s efforts to spend more money of going digital and improving the quality of connections would continue to pay off in the second quarter.
“Our teams throughout our organisation are committed to the implementation of our strategic plans which include continuing to invest in digital technology, improving the quality and speed of LTE networks and continuing with transformational exercises aimed at increasing profitability going forward,” he said.
Updated: May 3, 2018 07:12 PM