MANAMA: Batelco announced net profit attributable to equity holders of the company for Q2 2022 of BD20 million, a 12 per cent increase from BD17.8m for the corresponding quarter of 2021.
Earnings per share (EPS) are 12.1 fils for the second quarter of 2022 compared to 10.8 fils in Q2 2021.
Total comprehensive income attributable to equity holders in Q2 2022 was reported at BD12.8m, a 26pc decrease from BD17.3m in the second quarter of 2021.
Revenues for Q2 2022 of BD99.2m are up by 1pc compared to BD98.4m in Q2 2021.
Operating profit for Q2 2022 increased by 4pc to BD24.7m from BD23.8m in Q2 2021, while EBITDA stands at BD42.9m in Q2 2022 compared to BD41.7m in Q2 2021, an increase of 3pc.
For the first six months of 2022, net profit attributable to equity holders of the company of BD37.9m increased by 1pc from BD37.5m in 2021.
Earnings per share (EPS) are 22.9 fils for the period compared to an EPS of 22.7 for H1 2021.
Total comprehensive income attributable to equity holders of the company is down by 46pc from BD47.2m in H1 2021 to BD25.7m in H1 2022, mainly due to foreign exchange translation differences and investment fair value changes.
Revenues for the first six months of the year of BD197.7m are in line with BD198.2m of revenues in H1 2021.
Operating profits decreased by 5pc from BD49.3m in H1 2021 to BD46.8m in H1 2022 due to increases in operating expenses.
Similarly, EBITDA decreased by 2pc from BD85.4m in H1 2021 to BD83.5m in H1 2022.
The company maintained a healthy EBITDA margin of 42pc in H1 2022.
Batelco’s balance sheet remains strong with total equity attributable to equity holders of the company of BD485.6m as of June 30, 2022, 1pc lower than BD489.6m reported as of end-2021.
Total assets of BD1,028.6m as of June 30, 2022 are in line with total assets of BD1,030.6m as of end-2021.
Similarly, net assets as of June 30, 2022 which stand at BD528.1m are in line with BD530.7m reported as of end-2021.
The company’s cash and bank balances are a substantial BD226.2m, which reflects the 2021 final dividend of 16.5 fils per share paid in April 2022.
The board of directors approved an interim cash dividend for shareholders of 13.5 fils per share or 13.5pc of paid-up capital for the six-month period of 2022.
This is in line with the 2021 interim dividend payment and the board of directors commitment to continuously deliver strong returns to shareholders.
Batelco chairman Shaikh Abdulla bin Khalifa Al Khalifa said: “The board of directors is pleased with the company’s performance for the second quarter of 2022 which shows improvement over the same period of last year. This is reflected by 12pc increase in net profits and increased earnings per share (EPS) of 12.1 fils compared to 10.8 fils for Q2 2021. Delivering good returns on shareholder investment is a priority for the board of directors and we are focussed on driving an ambitious long-term strategy aimed at meeting the expectations of all stakeholders.
“My colleagues on the board and I appreciate the efforts of the executive team for their diligent management and commitment to implementing the strategic objectives, which has led to the improved results for the second quarter,” Shaikh Abdulla concluded.
Batelco chief executive Mikkel Vinter said: “Batelco accelerated the momentum set in the first quarter to accomplish a number of significant achievements during Q2, keeping digital transformation foremost in mind and delivering on our commitment to the board.
“Meanwhile the Beyon digital brands continued to grow their presence in the market by collaborating with leading organisations in Bahrain, and we expect to see an increasing revenue continuation from our digital operations going forward.”
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