Batelco Reports 15% Rise in Annual Revenues

Bahrain based Batelco has reported that growth in its gross revenue year to date was up 15.1% over the same period last year and operating profit year to date was BD72.3 million (US$191.8 million), marginally up 1% year on year, resulting primarily from overseas operations.

"Batelco's gross revenue results at the end of the third quarter of this year surpassed all similar previous achievements, with year-on-year revenue growth continuing in the double digits," said Batelco chairman Shaikh Hamad bin Abdulla Al Khalifa. "In spite of price reductions for products and services arising from the highly-competitive nature of our markets, regulatory intervention, migration of customers to new broadband, telephony and mobile services, Batelco continues to maintain its market leadership position in the kingdom, while growing in strength across the Middle East," he added.

Batelco Chief Executive Officer Peter Kaliaropoulos said "Bahrain continued to deliver steady results and growth was driven mainly by overseas operations which now represent 36% of Batelco's revenues. The Group's 96% owned subsidiary in Jordan, Umniah, has delivered significant year on year revenue growth of 37% buoyed by a 31% increase in the number of mobile subscribers, with a customer base now standing at 1,369k."

Sabafon, in which the Group holds a 26.94% equity investment, has delivered a 18% year on year growth in Gross revenue with the mobile subscribers base increasing by 41%, for a total customer base of 1,942k.

The combined Group active mobile subscribers now exceeds 4 million as Bahrain active mobile subscribers increased by 20% year on year, for a total customer base of 735k.

Posted to the site on 24th October 2008