Bahrain’s leading telecom and technology group, Beyon, has announced robust financial results for the first nine months of 2024. The company reported a net profit attributable to its equity holders of BD56.2 million ($149 million), marking a 1% increase over the BD55.5 million ($147.2 million) achieved during the same period last year. Revenues soared to BD333.1 million ($883.6 million), registering a 6% growth from last year’s figure of BD315.4 million ($836.6 million).
According to the financial results for the period ended September 30, 2024, Beyon’s total comprehensive income attributable to equity holders rose by 22%, from BD66.8 million ($177.2 million) in 2023 to BD81.3 million ($215.6 million) in 2024. This significant increase was mainly due to favorable changes in investment fair values.
Operating profits increased by 2%, reaching BD81.5 million ($216.2 million) compared to BD79.6 million ($211.1 million) during the same period in 2023. Similarly, EBITDA grew 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 this period.
Earnings per share (EPS) stood at 34 fils for the period, slightly up from 33.6 fils in 2023.
In the third quarter of 2024, Beyon’s net profit attributable to equity holders remained steady at BD17.6 million ($46.7 million), mirroring the results from the same quarter last year. The EPS for the quarter was 10.6 fils, compared to 10.7 fils in 2023.
Total comprehensive income attributable to equity holders in Q3 2024 increased by 14% to BD24.1 million ($63.9 million), up from BD21.2 million ($56.2 million) in the third quarter of 2023. This rise was mainly attributed to foreign exchange gains.
Operating profit in Q3 stood at BD25.9 million ($68.7 million), consistent with the BD26 million ($69 million) reported in the corresponding quarter of 2023. EBITDA for the quarter increased by 3% to BD44.6 million ($118.3 million), up from BD43.2 million ($114.6 million) in Q3 2023. Revenues for the third quarter rose by 3% to BD110.1 million ($292 million), compared to BD106.5 million ($282.5 million) in Q3 2023.
