GulfBase Live Support
Batelco, the regional telecommunications group with operations across 14 countries, today announced a 3% increase in gross revenues, reaching BD379.4M (US$1,006.4M) for the full year 2017, as compared to BD367.1M (US$973.7M) in 2016.
Organic gross revenue, which grew for the first time since 2009, was boosted by double-digit growth in broadband and digital services, reporting 16% and 13% growth respectively. Quarter on quarter gross revenues also reported an 8% increase compared to 2016 of BD101.9M (US$270.3M) in Q4 2017 compared to BD94.1M (US$249.6M) in Q4 2016.
Group operating profit grew by 2% notwithstanding voluntary employee retirement costs of BD8.1M (US$21.5M) incurred in Batelco Bahrain. Adjusted net profit, excluding impairments and one-off gain on land, was more than BD40.0M (US$106.1M). The Group’s balance sheet remains robust, with cash in hand of BD158.7M (US$421.0M).
The Board of Directors has recommended a full year cash dividend of BD41.6M (US$110.3M), at a value of 25 fils per share to be agreed at the Group’s Annual General Meeting, of which 10 fils per share was already paid during the third quarter of 2017 with the remaining 15 fils to be paid following the AGM in March 2018. The dividend is consistent with previous years and is an example of Batelco’s commitment to its shareholders.
Batelco’s Chairman Shaikh Mohamed bin Khalifa Al Khalifa, said: “We continue to progress well in order to execute our strategic plan. The business is in great shape, with strong fundamentals, a solid subscriber base and a local market that is outperforming. However, some of our international businesses continue to feel the impact of the political and economic instability across the region and we are providing them with all the support necessary to get them through this difficult period.
“Overall, I am pleased to see that our hard work is paying off. We have maintained a robust cash position and we will pay our shareholders a dividend this year consistent with prior year payouts. I am highly optimistic for the future of Batelco Group as we continue into 2018. We have a sound strategy, an accomplished executive team and a pipeline of products and services to support us in our path forward. As we look ahead, our goal is to build on this recent success and continue to be a national champion for Bahrain.”
Batelco, the leading digital solutions provider in Bahrain, said it has signed a partnership deal with Dilmunia Mall Development Company for its unique family-centric retail and leisure destination,
Batelco, in line with its role as exclusive telecom partner for Youth City 2030, was recognised for its support of the annual event, which recently concluded at Bahrain International Exhibition Cent
Batelco, the leading digital solutions provider in Bahrain, is set to offer a new high-speed LTE Data Roaming services package with options including a one-day data roaming in the GCC for only BD5 ($
QNB has revised up its forecasts for average annual oil prices to $72/b for 2018 from $69/b and to $69/b in 2019 from $66/b. Both demand and supply factors, however, suggest a tilt towards lower pric
Qatar Islamic Bank (QIB), country’s leading Islamic bank, received two awards from New Age Banking & Finance Awards 2018, as part of the seventh edition of New Age Banking Summit Qatar which was supp
Nakilat is participating in the Gastech 2018 Exhibition and Conference currently taking place in Barcelona, Spain from 17 to 20 September 2018. One of the largest LNG-centric events globally, Gastech
Al Hilal Bank, rated A2 by Moody’s and A+ by Fitch has successfully closed a $500 million 5-year Senior Sukuk. The transaction, under Al Hilal Bank’s new management team, marks the first Senior Publ
The Gulf Today
Sabic, the world’s third largest diversified petrochemicals company, has signed an agreement with Clariant towards taking steps to establish certain elements of its Specialties business as a stand-al