Half-year results of Bahrain-based telecoms operator are boosted by sale of Kuwait subsidiary Qualitynet
Bahrain-based telecoms operator Batelco on Thursday reported an 18 percent rise in net profit to BD34 million ($90.1 million) for the first six months of 2019.
The telco said an impairment loss of BD20.3 million on its investment in its associate company in Yemen was compensated by a gain of BD27.2 million in Q2 from the sale of Qualitynet, the company’s subsidiary in Kuwait.
Net profit of BD19.4 million was reported in Q2, a 24 percent increase over the corresponding period of 2018.
The telco also posted a 1 percent increase in revenues to BD201.7 million over H1 2018, boosted by strong performance in the home market despite a challenging environment.
Its revenues were supported by a 10 percent jump in fixed broadband and an improvement of 20 percent year-on-year for its data communications business.
Batelco CEO Mikkel Vinter, who joined the company in May, added: “We are focused on evolving and enhancing our solutions for our consumer and business customers with a strong emphasis on digitisation and the delivery of exceptional customer experience.
“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,” he said.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.