Batelco Announces 2020 Q3 Financial Results 14% YoY Increase in Net Profit Attributable to Equity Holders of BD 50.3M for the First Nine Months of 2020

October 28, 2020

Batelco (Ticker: BATELCO), today announced its financial results for the first nine months of 2020 (the period) and for the third quarter of 2020, for the period ended 30 September 2020 (Q3).

Batelco announced net profit attributable to equity holders of the company for Q3 2020 of BD14.4M (US$38.2M), a 41% increase from BD10.2M (US$27.1M) for the corresponding period of 2019.  Similarly, net profits attributable to equity holders of the company for the first nine months of 2020 of BD50.3M (US$133.4M) have increased by 14% from BD44.2M (US$117.2M) for the corresponding period in 2019.  The increase in net profit is mainly attributable to the 18% YoY decrease in operating expenses which is a testament to Batelco’s successful cost containment programs.  Earnings per share (EPS) are 8.7 fils for the third quarter of 2020 compared to 6.2 fils in Q3 2019 resulting in an EPS of 30.3 fils for the period compared to an EPS of 26.7 for the same period in 2019.

Total comprehensive income attributable to equity holders for Q3 2020 reported at BD17.8M (US$47.2M) an increase of 120% from BD8.1M (US$21.5M) for the third quarter of 2019. Total comprehensive income attributable to equity holders of the company is up by 1% for the first nine months of 2020 from BD42.5M (US$112.7M) to BD43.0M (US$114.1M).

Revenues for the third quarter in 2020 decreased by 1% compared to Q3 2019 from BD96.9M (US$257.0M) to BD95.9M (US$254.4M).  Revenues for the first nine months of 2020 were BD285.7M (US$757.8M), a decrease of 4% when compared to BD298.5M (US$791.8M) of revenues for the same period in 2019.

Operating profit for the quarter is up by 38% to BD20.1M (US$53.3M) from BD14.6M (US$38.7M) in Q3 2019; while year-on-year operating profits increased by 22% from BD55.6M (US$147.5M) in 2019 to BD67.6M (US$179.3M) in 2020.

EBITDA for the third quarter of 2020 stands at BD38.2M (US$101.3M) compared to BD31.6M (US$83.8M) in Q3 2019, representing an increase of 21%.  For the nine-month period, EBITDA increased by 13% over the corresponding period of 2019 from BD106.0M (US$281.2M) to BD120.1M (US$318.6M) with a healthy EBITDA margin of 42%.

Batelco’s balance sheet remains strong with total equity attributable to equity holders of the company of BD464.6M (US$1,232.4M) compared to BD473.1M (US$1,254.9M) as of 31 December 2019, a decrease of 2%.  Total assets of BD970.8M (US$2,575.1M) as of 30 September 2020 have decreased 2% compared to BD992.9M (US$2,633.7M) as of 31 December 2019. Net assets as of 30 September 2020 stand at BD502.2M (US$1,332.1M) compared to BD513.4M (US$1,361.8M) as of 31 December 2019, a decrease of 2%. The Company’s cash and bank balances are a substantial BD182.0M (US$482.8M), which reflects the 2020 interim dividend of 13.5 fils per share paid in August 2020.

Financial and Operational Highlights

*Excludes subscriber numbers from Sabafon, Batelco’s associate company in Yemen, and Etihad Atheeb Telecom, Batelco’s investment in Saudi Arabia.


Batelco Chairman, Shaikh Abdulla bin Khalifa Al Khalifa announced the third quarter (Q3) 2020 financial results following the meeting of the Board of Directors on October 28th, at Batelco’s Hamala Headquarters.

“The Board of Directors are pleased with the financial results of Batelco during the 3rd quarter of 2020. Batelco achieved an increase in net profit, operating profit and EBITDA of 41%, 38% and 21% respectively in the third quarter and for the first 9 months of 2020. These results reflect the company’s commitment to achieve its strategic objectives as well as effective cost management while adapting quickly to the challenges faced this year.”

“Increasing our shareholders value is our top priority in the Board of Directors, hence we are keen to achieve sound financial results that contributes towards achieving positive return for our shareholders. We are also pleased to see a recent increase in Batelco’s share price, which reached its highest since 2011. This is mainly driven by the performance of the company as a whole as well as the trust of investors in the company and its strategic decisions.”

Shaikh Abdulla concluded by saying, “I would like to thank all team members in Batelco for their contribution to this excellent performance, and I would also like to express the Board’s confidence in the executive management to continue with the same pace and conclude the year with strong results.”

Batelco CEO Mikkel Vinter commented on the announcement saying, “The financial results in the 3rd quarter remained positive and consistent with our performance for the first 6 months of the year. This reflects the dedicated efforts of the entire team in Batelco and their commitments to achieve their targets in a very dynamic environment.”

“Our priority has been delivering our promise to the Board and achieving the strategic objectives we have set for ourselves, while focussing on our customers and their increased demand for digital services and solutions. Connectivity proved to be essential in 2020, as everyone had to change the way they work and operate, and we have been committed to being at the forefront of providing the needed solutions to enable our customers and enrich their experiences.”

“We were also keen to take the lead in bringing 5G technology to Bahrain. The recent announcement of the national 5G coverage placed Batelco among the leading operators in the GCC and the world that adopted 5G technology and deployed it commercially. This is very important to Batelco and its role in supporting Bahrain’s vision for growing its digital economy,” Mr Vinter concluded.