Beyon recently announced its financial results for the third quarter and first nine months of the year ending September 30, 2024. The company reported a net profit of BD17.6M ($46.7M) for Q3 2024, which was in line with the corresponding quarter of 2023. Earnings per share (EPS) for the third quarter of 2024 were 10.6 fils, a slight decrease from 10.7 fils in Q3 2023. Total comprehensive income for Q3 2024 was reported at BD24.1M ($63.9M), a 14% increase from the same period in 2023, mainly due to foreign exchange changes.
Operating profit in Q3 2024 was reported at BD25.9M ($68.7M), in line with the previous year. EBITDA stood at BD44.6M ($118.3M) in Q3 2024, showing a 3% increase from Q3 2023. Revenues for the third quarter of 2024 also increased by 3% to BD110.1M ($292.0M) compared to Q3 2023. For the first nine months of 2024, net profit attributable to equity holders increased by 1% to BD56.2M ($149.1M) compared to the same period in 2023, with an EPS of 34.0 fils.
Total comprehensive income attributable to equity holders for the first nine months of 2024 increased by 22% to BD81.3M ($215.6M) compared to 2023, mainly due to favorable investment fair value changes. Operating profits and EBITDA also saw a 2% increase during this period. Revenues for the first nine months of the year increased by 6% to BD333.1M ($883.6M) compared to the corresponding period in 2023, largely driven by growth in mobile, datacoms, wholesale, and digital services.
Beyon was able to grow its overall customer base by 2% year over year, with increases in mobile customers across all its operating companies. The company’s Chairman, Shaikh Abdulla bin Khalifa Al Khalifa, stated that Beyon had maintained strong momentum in the third quarter of the year, leading to a 6% increase in revenues for the first nine months of 2024. He attributed this growth to the success of mobile, datacoms, wholesale, and digital services in both local and international markets.
CEO Andrew Kvalseth expressed his excitement about joining Beyon and building upon the organization’s strong foundations. He praised the collaborative spirit and visionary leadership within the company, highlighting the impressive insights shared by various teams across the group. Overall, Beyon’s financial results for the third quarter and first nine months of 2024 demonstrate a positive trend in profitability, revenue growth, and customer base expansion.
