Bahrain's leading telecom and technology group Beyon has recorded solid results for the first nine months of 2024 with a net profit attributable to company's equity holders of BD56.2 million ($149 million), up 1% over BD55.5 million ($147.2 million) last year, while its revenue soared to BD333.1 million ($883.6 million) registering a 6% growth from last year's figure of BD315.4 million ($836.6 million).

 

Announcing the financial results for the nine-month period ended September 30, 2024, Beyon said the total comprehensive income attributable to equity holders of the company during the period rose from BD66.8 million ($177.2 million) in 2023, up 22% to BD81.3 million ($215.6 million) in 2024 mainly due to favourable investment fair value changes.

 

Operating profits increased by 2% from BD79.6 million ($211.1 million) during the period in 2023 to BD81.5 million ($216.2 million) in 2024. Similarly, ebitda increased by 2% from BD130.7 million ($346.7 million) in 2023 to BD133.9 million ($355.2 million) in 2024. The company maintained a healthy ebitda margin of 40% during the period in 2024.

 

The Earnings per share (EPS) stood at 34 fils for the period compared to an EPS of 33.6 fils for the corresponding period in 2023, it added.

 

On the Q3 results, Beyon said its net profit attributable to equity holders stood at BD17.6 million ($46.7 million) for the three-month period ended September 30, 2024, in line with BD17.6 million last year. Its EPS was 10.6 fils for the third quarter compared to 10.7 fils last year.

 

Total comprehensive income attributable to equity holders in Q3 2024 was reported at BD24.1 million ($63.9 million), a 14% increase from BD21.2 million ($56.2 million) in the third quarter of 2023, mainly due to foreign exchange changes.

 

According to Beyon, the operating profit in Q3 stood at BD25.9 million ($68.7 million) in line with BD26 million ($69 million) reported in the corresponding quarter of 2023. 

 

Its ebitda was BD44.6 million ($118.3 million) for Q3 compared to BD43.2 million ($114.6 million) in Q3 2023, thus registering an increase of 3%. Revenues for the third quarter increased by 3% to BD110.1 million ($292 million) compared to BD106.5 million ($282.5 million) in Q3 2023.-TradeArabia News Service