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Batelco chairman Shaikh Hamad bin Abdulla Al Khalifa reiterated Batelco's commitment to growth and innovation as he announced a record breaking set of full year results at a board meeting held this week at the company's Hamala headquarters.
Batelco achieved a year-on-year rise in gross revenues of 25 per cent to $777.4 million (BD293.1m) with net profits reaching a record breaking $269.2 million an increase of 13.6 per cent compared to last year. Operating expenditure and overheads have been diligently managed and earnings per share have risen to 84.6 fils from 74.4 fils in 2006.
"We are very pleased with this excellent set of operational and financial figures delivered as a result of our successful ventures throughout the region and by maintaining our market leadership in Bahrain," said Shaikh Hamad.
"Our board of directors will recommend to the general assembly of shareholders a cash dividend of $127.3 million representing the equivalent of 40 per cent of the paid-up capital - at a value of 40 fils per share, of which 20 fils per share was announced and paid in July 2007. The remaining 20 fils will be paid after the annual general assembly."
In addition, the board of directors will also recommend a 20 per cent bonus share issue, awarding one extra share for every five shares currently held by shareholders.
"While the group will continue to expand its size and horizons, the heart of Batelco will always be the Bahrain market. We will continue to offer best value top quality products and services for our customers. Their loyalty keeps us in a leading position and we intend to remain their first choice with new technologies and smart solutions," the chairman said.
Batelco chief executive officer Peter Kaliaropoulos stated that the 2007 results are indicative of Batelco's business strategy laid down in 2005 that is now coming to fruition.
"First and foremost we set out to transform our operational capabilities by forging a more customer responsive company that offers strong value for money with a comprehensive range of innovative products and services," he said.
"Our customers in Bahrain throughout 2007 benefited from over 190 promotions offering better value for mobile, broadband and IDD services without any compromise on quality of service. In addition to the BD10 BB service, IDD call rates to GCC and other countries were slashed, business and education broadband prices cut by 50 per cent and postpaid mobile customers benefited from free credit, free minutes and free SMS packages.
"Batelco directly invested $388 million (BD146.4 million) in Bahrain's economy in 2007," said Mr Kaliaropoulos.
