Shares in Bahrain Telecommunications Company (Batelco) rose sharply on Sunday after the company reported a surge in net profit for the fourth quarter (Q4) of 2018.
Q4 2018 net profit attributable to shareholders amounted to 4.1 million Bahraini dinars ($10.9 million), compared to a net loss of 21.7 million dinars in Q4 2017.
The company recorded a Q4 2018 revenue of 104.4 million dinars, compared to 101.9 million dinars for Q4 2017, increasing by 2.5 percent.
Net profit for the full year amounted to 50.1 million dinars – a 14-fold increase on the 3.5 million dinars earned in 2017.
Elsewhere in the region, Dubai’s index rose 1.33 percent on Sunday, Abu Dhabi’s index gained 0.82 percent, Saudi Arabia’s index edged 0.4 percent lower, Qatar’s index ended the day flat and Oman’s index was mainly unchanged. The Kuwait market is closed for National Day and Liberation Day holidays until Wednesday.