Bahrain Mirror: Batelco Group announced yesterday an increase in its net profit during 2018 to BD 50.1 million.

The Bahraini company, a regional telecommunications company operating in 14 countries, announced its financial result for the fourth quarter of 2018, the three months ending in December 31, 2018. It said that the net income for the fourth quarter of 2018 was BD 4.1 million, an increase of 119% compared to the net loss of BD 21.7 million in 2017.

The net income for the company's shareholders in 2018 was BD 50.1 million, an increase of 1,335%, compared to BD 3.5 million in 2017, noting that 2017 net profits were mainly affected by the decrease in value of the Group's investments in Yemen and Jordan.

Total shareholders' income for the fourth quarter of 2018 amounted to BD 4.6 million, an increase of 120% compared to the loss of BD 22.7 million in 2017, however, the total equity for 2018 amounted to BD 43.3 million, 275% increase from BD 11.5 million in 2017.

The Group's operating profit decreased by 29% to BD 12.3 million compared to BD 17.2 million in 2017, however, 2018 operating profit reached BD 72.7 million, a 25% increase, compared to BD 58.4 million in 2017.

EBITDA profits for the 2018 fourth quarter were BD 33.6 million and BD 33.5 million for the same period in 2017. EBITDA profits increased in 2018 to BD 142.8 million, i.e. a 15% increase, compared to BD 124.7 million in 2017.

Revenues for the fourth quarter increased 104.4 million with 2% increase compared to BD 101.9 million in 2017. Meanwhile, 2018 revenues increased by 7% from BD 379.4 in 2017 to BD 405.9 million.

Earnings per share (EPS) were 2.4 fils for fourth quarter in 2018 compared with 13.1 fils in the same period of 2017, i.e. 119% increase. However, 2018 EPS were 30.1 fils, compared with 2.1 fils in 2017, i.e. a 1,335 % increase.

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