Batelco, today announced its financial results for the third quarter of 2021, the three months ended 30 September 2021 (Q3), and for the first nine months of 2021, the period ended 30 September 2021.
Batelco announced net profit attributable to equity holders of the company for Q3 2021 of BD15.7M (US$41.6M), a 9% increase from BD14.4M (US$38.2M) for the corresponding quarter of 2020. Likewise, net profit attributable to equity holders of the company for the first nine months of 2021 of BD53.2M (US$141.1M) has increased by 6% from BD50.3M (US$133.4M) for the corresponding period in 2020. The increase in net profit is mainly attributable to steady increases in revenues for the first nine months of the year. Earnings per share (EPS) are 9.5 fils for the third quarter of 2021 compared to 8.7 fils in Q3 2020 resulting in an EPS of 32.2 fils for the period compared to an EPS of 30.4 for the same period in 2020.
Batelco Chairman, Shaikh Abdulla bin Khalifa Al Khalifa announced the third quarter (Q3) 2021 financial results following the meeting of the Board of Directors on October 31st, at Batelco’s Hamala Headquarters.
“The Board of Directors is pleased with the financial results for the first nine months of 2021, with the positive trend set in Q1 and Q2 continuing for the third quarter. In line with the results and the Board’s commitment to deliver the best returns for shareholders, it’s good to also see an increase in Earnings Per Share, compared to the first nine months of 2020,” he said.
“Batelco continues with its commitment to the community and sustainability and realising the growing importance of sustainability recently established an ESG function to adopt internationally recognised standards across various areas including sustainable energy. As part of this, Batelco Solar Park has recently been completed and commissioned and is already generating solar energy to power the Company’s Data Centre at Ras Abu Jarjoor. This initiative which is phase one of a bigger plan supports our goal of becoming a sustainable corporation in the future,” Shaikh Abdulla added.
Before concluding, Shaikh Abdulla said, “On behalf of my colleagues on the Board, I extend appreciation to the executive team and all team members for the roles they play to deliver on our strategic initiatives, ensuring Batelco’s continuous strong performance.”
Commenting on the Company’s operational performance, Batelco CEO Mikkel Vinter said, “I’m happy that we have maintained the momentum set in the first six months of 2021 to deliver sound financial results, with a year-on-year increase of 15% respectively in fixed broadband and adjacent services and 3% increase in wholesale revenues contributing positively to this.”
“The evolution or our mobile network is ongoing, and to ensure delivery of reliable mobile connectivity solutions, including 5G for new cities and developments, Batelco is extending its reach and coverage to major housing developments being built by the Ministry of Housing and the private sector across Bahrain. Furthermore, to facilitate the adoption of 5G services, Batelco ensures the availability of the latest 5G devices, such as the new Apple devices which were recently launched for Batelco’s customers.”
“As part of the ongoing transformation of Batelco’s mobile network, the phase out of the 2G service, which had been in place for over 27 years, is almost complete, with the capacity being used reallocated