Manama: Beyon announced its financial results for the third quarter and the first nine months of the year ended 30 September 2024. Beyon reported a net profit attributable to equity holders of BD17.6M (US$46.7M) for Q3 2024, aligning with the BD17.6M (US$46.7M) recorded in the corresponding quarter of 2023. Earnings per share (EPS) were noted at 10.6 fils for the third quarter of 2024, compared to 10.7 fils in Q3 2023.
According to Bahrain News Agency, the total comprehensive income attributable to equity holders in Q3 2024 was BD24.1M (US$63.9M), marking a 14% increase from BD21.2M (US$56.2M) in the same quarter of the previous year, primarily due to foreign exchange changes. The operating profit for Q3 2024 stood at BD25.9M (US$68.7M), closely matching the BD26.0M (US$69.0M) reported for Q3 2023. EBITDA increased by 3% to BD44.6M (US$118.3M) in Q3 2024 from BD43.2M (US$114.6M) in the previous year. The revenues for the third quarter of 2024 rose by 3% to BD110.1M (US$292.0M), compared to BD106.5M (US$282.5
M) in Q3 2023.
For the first nine months of 2024, Beyon recorded a net profit attributable to equity holders of BD56.2M (US$149.1M), a 1% increase from BD55.5M (US$147.2M) in 2023. The earnings per share for this period were 34.0 fils, compared to 33.6 fils for the same period in 2023. The total comprehensive income for the period increased by 22% to BD81.3M (US$215.6M) from BD66.8M (US$177.2M) in 2023, mainly due to favorable investment fair value changes.
Operating profits for the nine-month period rose by 2% from BD79.6M (US$211.1M) in 2023 to BD81.5M (US$216.2M) in 2024. EBITDA also saw a 2% increase from BD130.7M (US$346.7M) in 2023 to BD133.9M (US$355.2M) in 2024, maintaining a 40% EBITDA margin. Revenues for this period reached BD333.1M (US$883.6M), a 6% increase from BD315.4M (US$836.6M) in 2023, driven by growth in mobile, datacoms, wholesale, and digital services. Beyon’s customer base grew by 2% year-on-year, with increases in mobile customers across all its operating companies.
Beyon’s balance
sheet reflected a robust position, with total equity attributable to equity holders of BD545.2M (US$1,446.2M) as of 30 September 2024, a 2% increase from BD532.3M (US$1,411.9M) as of 31 December 2023. Total assets increased by 2% to BD1,190.7M (US$3,158.4M) from BD1,165.4M (US$3,091.2M) at the end of 2023, and net assets rose by 2% to BD597.0M (US$1,583.6M) from BD582.5M (US$1,545.1M) as of 31 December 2023. The company reported cash and bank balances of BD158.6M (US$420.7M) as of 30 September 2024.
Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Beyon, highlighted the company’s strong momentum in Q3, contributing to a 6% revenue increase for the first nine months of 2024. The growth was attributed to expansions in mobile, datacoms, wholesale, and digital services across Beyon’s operating companies. The company’s digital ventures showed growth in Bahrain and the wider region, in line with their strategy to expand organically and through acquisitions such as DTS Solutions and Insomea.
Shaikh Abdulla expre
ssed appreciation for the management and team members across the Beyon group for their contributions to the company’s success. Andrew Kvalseth, CEO of Beyon, emphasized the exciting period for the company and praised the collaborative spirit within the organization. He acknowledged numerous achievements and strategic partnerships, including those with LMRA, Binance, and Fortinet.
Kvalseth noted the recognition from TRA, awarding Batelco excellence in the annual Quality of Mobile Network Experience report. He also mentioned Beyon’s participation in GITEX 2024, showcasing innovative solutions. Concluding, Kvalseth expressed confidence in achieving a successful end to the year and delivering strong strategic plans for 2025.
