Batelco Group pushes profits higher in 2008

Bahrain’s Batelco reported net profit of BD104.2 million (US$276.4 million) for 2008, up 2.7 per cent over 2007.

Revenues for the year grew by 8.9 per cent year-on-year to BD319.1 million, while net revenues were up10.1 per cent to BD251.4 million.

Batelco’s board of directors will recommend a cash dividend of US$191 million.

Chief executive Peter Kaliaropoulos said while Batelco’s strategy includes growth and diversification into new overseas markets – such as the telco’s 49 per cent acquisition of Indian operator S Tel earlier in the week –Batelco’s operations in Bahrain remain critical to the operator’s overall future success. In 2008, BD 40.9 million was committed to capital expenditure in Bahrain alone.

“We have successfully completed our NGN (next generation network) project which gives Bahrain the honour of being the first country in the world with complete countrywide broadband and delivers our promise to make Internet access readily available to all residents of the Kingdom,” stated Kaliaropoulos.

Batelco counted 767,000 mobile users in Bahrain at the end of December, 205,000 fixed-line customers and 82,000 broadband users.