Flip through the latest issue of Gulf Weekly.
Batelco last year delivered the group's highest ever gross revenues, totalling BD346.9 million ($920.2 million), a solid nine per cent growth year-on-year, and its highest ever net profit of BD105 million ($278.5 million), its shareholders were told.
Net revenues grew by eight per cent to BD268.7 million ($712.7 million) and earnings per share remained steady at 72.9 fils compared to 72.4 fils in 2008.
The board recommended a total cash dividend of 50 fils per share for 2009 amounting to BD72 million ($191 million), representing 50 per cent of the paid-up capital, was approved at the AGM. Batelco paid 20 fils per share as the interim dividend in July 2009 and the remaining 30 fils per share will be paid this month.
"Batelco's delivery of its best ever financial results in 2009 is attributed to its comprehensive and innovative range of communications services that offer the widest choices for customers in Bahrain, and to growth in customer numbers from its regional operations," said Batelco chairman Shaikh Hamad bin Abdulla Al Khalifa.
"Key factors in our success were the acquisition of more mobile and broadband customers and the successful uptake of world-class products and services, coupled with competitive offers and a diligent approach to cost containment across all our operations," he said.
The Batelco chairman also announced a proposed change in structure for the Batelco Group, subject to shareholders' approval later in 2010.
"In 2009, we embarked on creating a group operating organisational structure to deliver Batelco's geographic expansion and business diversification. This initiative includes the creation of a closed stock company, 100 per cent owned subsidiary of Batelco. This company will manage all our telecommunications operations within Bahrain and will be formally established in 2010," said Shaikh Hamad.
Batelco Group chief executive Peter Kaliaropoulos added that within the growing Batelco Group, Bahrain remains the most important market whilst complemented by growth in customer numbers from all international operations.
He said:_"We are proud that the market leader in Bahrain's telecom market is also transforming into a telecommunications company of reference amongst its peers in the region.
"Our customers benefited in Bahrain from many new services and offers throughout 2009 and in turn allowed us to remain leaders in a market with over 75 operators holding 185 licenses, and with over 140 per cent mobile and 105 per cent broadband penetration.
"Despite the intense competitive environment, our financial results, product innovation and quality of customer care have improved.
"Our shareholders in Bahrain have also benefited from Batelco's growth at home and abroad. In the last three years, we have paid out BD192 million ($509 million) in cash dividends and also issued extra shares."
