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Batelco Group ended the year with an impressive customer base of 9.2 million subscribers across its seven operating markets, said chairman Shaikh Hamad bin Abdulla Al Khalifa while announcing full year results during a group board meeting held at its Hamala headquarters.
Gross revenues were steady at BD340.3 million while net profit totalled BD86.8 million, a 17.4 per cent decline over 2009. The Batelco chairman said that while the group's annual financial results were affected by the decline of market share in Bahrain and by its share of expected losses for its start-up operation S-Tel (India), which has just completed its first full year of operation.
Shaikh Hamad said that the board of directors would recommend to the general assembly of shareholders a full year cash dividend of BD64.8 million. This represents the equivalent of 45 per cent of the paid-up capital - at a value of 45 fils per share, of which 20 fils per share was announced and paid in July 2010.
"The remaining 25 fils will be paid after the annual general assembly scheduled to take place this month.
"In spite of tremendous growth in customer numbers group-wide and strong results from our subsidiary Umniah, we continue to be impacted in Bahrain by increasing competition and regulatory decisions which limited Batelco's growth in a heavily saturated market," Shaikh Hamad stated.
Batelco Group CEO Peter Kaliaropoulos said that the end-of-year results were in line with forecasted expectations and market guidance as previously communicated throughout 2010.
