FINANCIAL NEWS

Batelco to set up new firm for Bahrain’s operations

25 Feb 2010

(MENAFN) Batelco announced plans of setting up a new company this year that would manage the group’s telecommunications operations within Bahrain.

The Group’s Chairman, Shaikh Hamad bin Abdulla Al Khalifa, said that last year Batelco began creating a group operating organizational structure to deliver its geographic expansion and business diversification.

Al Khalifa explained that this initiative included the establishment of a closed stock company, 100 percent owned subsidiary of Bahrain Telecommunications Company.

The group announced a 9 percent year-on-year growth in gross profits for 2009, which totaled $919.9 million, with net profit of $278.5 million for the year, marking its highest-ever levels.

Al Khalifa said that net revenues grew 8 percent to $712.54 million, earnings per share (EPS) remained steady at $193.3 cents compared to $191.99 cents in 2008.

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