Manama : Beyon announced its financial results for the third quarter and first nine months of the year ended 30 September 2024. Beyon reported net profit attributable to equity holders of BD17.6M (US$46.7M) for Q3 2024, in line with BD17.6M (US$46.7M) for the corresponding quarter of 2023. Earnings per share (EPS) are 10.6 fils for the third quarter of 2024 compared to 10.7 fils in Q3 2023.
Total comprehensive income attributable to equity holders in Q3 2024 was reported at BD24.1M (US$63.9M), a 14% increase from BD21.2M (US$56.2M) in the third quarter of 2023, mainly due to foreign exchange changes.
Operating profit in Q3 2024 of BD25.9M (US$68.7M) is in line with BD26.0M (US$69.0M) reported in the corresponding quarter of 2023. EBITDA stands at BD44.6M (US$118.3M) in Q3 2024 compared to BD43.2M (US$114.6M) in Q3 2023, an increase of 3%. Revenues for the third quarter of 2024 increased by 3% to BD110.1M (US$292.0M) compared to BD106.5M (US$282.5M) in Q3 2023.
For the first nine months of 2024, net profit attributable to equity holders of the company of BD56.2M (US$149.1M) increased by 1% compared to BD55.5M (US$147.2M) in 2023. Earnings per share (EPS) are 34.0 fils for the period compared to an EPS of 33.6 fils for the corresponding period in 2023.
Total comprehensive income attributable to equity holders of the company during the period is up by 22% from BD66.8M (US$177.2M) in 2023 to BD81.3M (US$215.6M) in 2024 mainly due to favourable investment fair value changes.
Operating profits increased by 2% from BD79.6M (US$211.1M) during the period in 2023 to BD81.5M (US$216.2M) in 2024. Similarly, EBITDA increased by 2% from BD130.7M (US$346.7M) in 2023 to BD133.9M (US$355.2M) in 2024. The company maintained a healthy EBITDA margin of 40% during the period in 2024.
Revenues for the first nine months of the year of BD333.1M (US$883.6M) increased by 6% from BD315.4M (US$836.6M) of revenues in the corresponding period of 2023, mainly due to increases in mobile, datacoms, wholesale and digital services. Beyon was able to grow its overall customer base by 2% YoY with increases in mobile customers across all its operating companies.
Beyon’s balance sheet remains strong with total equity attributable to equity holders of the company of BD545.2M (US$1,446.2M) as of 30 September 2024, 2% higher than BD532.3M (US$1,411.9M) reported as of 31 December 2023. Total assets of BD1,190.7M (US$3,158.4M) as of 30 September 2024 are 2% higher than total assets of BD1,165.4M (US$3,091.2M) as of 31 December 2023. Net assets as of 30 September 2024 which stand at BD597.0M (US$1,583.6M) are 2% higher than BD582.5M (US$1,545.1M) reported 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, announced Beyon’s financial results for the third quarter (Q3) and the nine-month period ended 30 September 2024, following a meeting of the Board of Directors held at Beyon’s Hamala Headquarters on November 7.
“Beyon has maintained strong momentum in the third quarter of the year contributing to a 6% increase in revenues for the first nine months of 2024, stemming from growth in mobile, datacoms, wholesale and digital services across our operating companies, both locally and internationally. Notably, Beyon’s digital companies continued to gain traction in the Kingdom of Bahrain as well as the wider region, showing year-on-year growth in line with their strategy to expand both organically and through the acquisitions of DTS Solutions and Insomea, which are regionally recognised entities in cybersecurity consulting and engineering and cloud IT solutions consulting respectively.
These initiatives reflected positively with solid financial results that support our ambition of becoming a globally recognised technology group. Accordingly, the Board is pleased to deliver earnings per share of 34 fils, improved from 33.6 fils in 2023, reaffirming our commitment to creating shareholder value.”
Shaikh Abdulla bin Khalifa further extended his appreciation to the management and team members across the Beyon group for their dedicated efforts which play a central role in contributing to Beyon’s ongoing success.
Andrew Kvalseth, the CEO of Beyon, commented, “It’s an exciting time to join Beyon, to build upon the visionary leadership and strong foundations within the organisation. I’ve had the privilege of meeting with various teams across the group and have been deeply impressed by the insights shared, and the collaborative spirit that drives our success.”
Speaking on the quarterly results, Kvalseth noted, “The teams’ dedication and commitment has delivered another quarter of solid financial results, firmly in line with targeted deliverables, and marked by numerous achievements. Within our digital growth companies, Beyon Money partnered with the LMRA and Binance ensuring its services reached a wider range of customers, while Beyon Cyber deepened its collaboration with Fortinet underscoring their commitment to accelerating growth within the GCC through direct partnerships. We were also very pleased to be recognised by the TRA, which awarded Batelco ‘excellence’ ratings in their annual Quality of Mobile Network Experience report.”
“As we continue to excel on home territory, it was also great to bolster regional and global recognition for the Beyon brand at GITEX 2024 with Beyon’s companies showcasing their comprehensive portfolio of innovative solutions. Participation in such events provides an excellent platform to engage with global technology companies and is ideal for strengthening existing partnerships and creating new ones.”
Concluding his remarks, Kvalseth said, “As we approach the end of the year, I am confident that we can conclude on a successful note and look forward to delivering strong strategic plans for 2025.”
