Bahrain: Batelco achieves net profit of BD19.7M
Batelco announced net profit attributable to equity holders for Q1 2021 of BD19.7M — a 6% increase from BD18.5M for the year 2020.
The increase in net profit is attributable to increases in revenues whilst maintaining good control of costs. Earnings per share (EPS) are 11.9 fils for the first quarter of 2021 compared to 11.2 fils in Q1 2020.
Total comprehensive income attributable to equity holders for Q1 2021 reported at BD29.9M — an increase of 151% from BD11.9M for the first quarter of 2020.
Revenues for the first quarter in 2021 of BD99.7M increased by 2% compared to BD97.6M in 2020. The increase in revenues is mainly due to YoY increases in fixed broadband, adjacent services and wholesale revenues of 19%, 17% and 8% respectively.
Batelco’s balance sheet remains strong with total equity attributable to equity holders of the company of BD470.3M, 1% lower than BD473.2M reported as of 31 December 2020.
Total assets of BD1,016.1M as of 31 March 2021 have increased by 2% compared to total assets of BD992.2M as of 31 December 2020.
Net assets as of 31 March 2021 which stand at BD511.7M are in line with BD512.1M reported as of 31 December 2020. The Company’s cash and bank balances are a substantial BD200.2M.
Financial and Operational Highlights
The full set of financial statements is available on the Bahrain Bourse website and on Batelco website.
