Batelco Group, the Bahrain-based regional telecommunications firm with operations across 14 countries, has reported net profits of US$130.8 million for last year, a 13% increase from US$115.6 million a year ago. The company also recorded a 23% increase in net profits for the fourth quarter of 2014 compared to Q4 2013. However, there was a 47% reduction in quarterly profits in Q4 versus Q3 2014. The group’s subscriber base rose six per cent year-on-year to about 9.5 million.
The company said profits were boosted by the inclusion of consolidated full-year reporting for Batelco's Islands' portfolio, as well as increased subscriber numbers in the home market and a number of the group's operations.. The profits also soared due to cost reduction programmes across the Group, with substantial savings realised in Bahrain also contributing to the double digit increase. The Group's revenues continue to be affected by fierce competition across the region, mainly in voice services.
Shaikh Hamad Bin Abdulla Al Khalifa, Group Chairman, Batelco
We are very pleased to announce this sound set of financial results for 2014 ending the year on a strong note with revenues, EBITDA and net profit up on last year's figures. 2014 was marked by strong cash generation and growing customer numbers across the Group, particularly in the home market of Bahrain and also at Umniah, Jordan and SURE CIIM (Channel Islands, Isle of Man). Our overseas operations, which become increasingly more central to our strategy, continue to deliver in line with our expectations.
Alan Whelan, CEO, Batelco Group
Operationally Batelco Group is pleased with its ongoing ability to make progress in some very tough competitive markets resulting in good financial results and growth in customer numbers. The total subscriber base has grown to over 9.5 million across the 14 geographies of operation, representing 6% growth year on year. The growth in numbers is mainly attributable to the take up of mobile and broadband services due to the ongoing and increasing demand for data solutions that can be today considered a necessity by many.
