Manama, Bahrain: Beyon, the largest telecommunications and IT company in Bahrain, has posted a net profit of BD18 million ($47.7 million) in the first quarter, a one-percent gain over BD17.9 million in Q1 2022.
Earnings per share (EPS) are 10.9 fils for the first quarter of 2023 compared to 10.8 fils in Q1 2022.
Total comprehensive income attributable to equity holders in Q1 2023 was reported at BD20.8 million, a 61 percent increase from BD12.9 million in the first quarter of 2022, due to higher profit and foreign currency translation differences, Beyon said in a statement.
Revenues for Q1 2023 are BD103.5 million ($274.5 million) compared to BD98.5 million in Q1 2022, up by 5 percent, mainly due to increases in mobile, wholesale and digital services.
Operating profit for the first quarter of 2023 increased by 15 percent to BD25.5 million from BD22.1 million in Q1 2022.
Beyon said its balance sheet remains strong with total equity attributable to equity holders of the company of BD483.8 million ($1.28 billion) as of 31 March 2023, 3 percent lower than BD496.4M ($1.31 billion) reported as of 31 December 2022.
Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa said, “The positive set of financials reflects the successful execution of Beyon’s digital growth strategy and vision, as well as the team members’ commitment and focus to deliver the plans.”