The net profit of the Bahrain Telecommunications Company (Batelco), listed on the Bahrain Stock Exchange, increased by 9% during the third quarter of 2021 to 15.7 million dinars ($ 41.6 million), compared to 14.4 million dinars (38. 2 million dollars) in the corresponding period of 2020.
The rise is mainly attributable to steady growth in revenue in the first nine months of the year. Batelco ended the quarter with 3.9 million subscribers, up by 3% from 3.8 million in 2020.
Revenue for the third quarter of 2021 increased 2% from 95.9 million dinars ($ 254.4 million) to 98.2 million dinars ($ 260.5 million).
The Bahraini company said in a statement that its net shareholder earnings for the first nine months of 2021 increased 6% to 53.2 million dinars ($ 141.1 million), from 50.3 million dinars (133.4 million dollars) for the same period in 2020.
Batelco CEO Mikkel Vinter said, “We have maintained the momentum set in the first six months of 2021 to deliver sound financial results, with a year-on-year increase of 15% respectively in fixed broadband and adjacent services and 3% increase in wholesale revenues contributing positively to this.”
“The evolution of our mobile network is ongoing, and to ensure delivery of reliable mobile connectivity solutions, including 5G for new cities and developments, Batelco is extending its reach and coverage to major housing developments being built by the Ministry of Housing and the private sector across Bahrain. Furthermore, to facilitate the adoption of 5G services, Batelco ensures the availability of the latest 5G devices, such as the new Apple devices which were recently launched for Batelco’s customers,” he added.
As part of the ongoing transformation of Batelco’s mobile network, the phase-out of the 2G service, which had been in place for over 27 years, is almost complete, with the capacity being used reallocated to support the growth of 3G, 4G, and 5G networks, to meet the ever-growing demand for better and wider mobile data services.
Batelco chairman Shaikh Abdulla bin Khalifa Al Khalifa said: "Batelco continues with its commitment to the community and sustainability and realising the growing importance of sustainability recently established an ESG function to adopt internationally recognised standards across various areas including sustainable energy."