By Sam Bridge
Telecoms operator says net profit for the full year totalled BD51.6m, an increase of 3%
Bahrain-based telecoms operator Batelco on Thursday announced net profit of BD7.4 million ($19.6 million) in the fourth quarter of 2019, up 82 percent from the corresponding period of 2018 when net profit was impacted due to one-off charges.
Net profit for the full year totalled BD51.6 million, an increase of 3 percent, the company said in a statement.
Revenues for the fourth quarter decreased by 1 percent to BD102.9 million while revenues for the full year reached BD401.5 million, also down by 1 percent.
Batelco said consolidated revenues were impacted by the sale of its Qualitynet unit which contributed BD11 million in 2018.
However, it added that revenues in its home market of Bahrain increased by 5 percent boosted by revenues from fixed broadband, data communications and mobile services.
Batelco chairman Sheikh Abdulla bin Khalifa Al Khalifa said: “I am pleased to announce strong financial results which is a result of effective implementation of strategic initiatives, robust operational performance and solid financial discipline.
“Having restructured our organisation following the separation of the company, we have embarked on a new journey to create a transformed Batelco for this new decade.”
Batelco CEO Mikkel Vinter added: "Batelco will be focused on two main areas, to strengthen our core connectivity business and to continue with our digital transformation journey.”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.