Batelco Vision for 2012 and 2013: Business and Financial Outlook
Business and financial outlook for Batelco Group for the last quarter of 2012 and 2013.
Manama, Bahrain
Shaikh Mohamed Bin Isa Al Khalifa, CEO of Batelco Group – the leading telecom in the Middle East – comments on the business and financial outlook for the Group: “We continue to look at ways to further build our position in the MENA region and other regional markets. We have a strong balance sheet and cash position which we are working actively to put to use. Scale is essential for stabilizing and growing revenues as well as in achieving greater efficiencies. While seeking both organic growth and acquisitions, we are also implementing initiatives aimed at maximising synergies across our existing businesses. This includes rationalizing costs while simultaneously optimising operations and service in the interest of customers and shareholders alike. Some of these initiatives have impacted results for this period, but will help to streamline operations and costs as we go forward. We have launched a restructuring programme that will generate BD 20M of cost savings annually from 2014 onwards, essentially in Bahrain where ever increasing competition in what has become a mature mobile market, has strengthened both the need and our focus on innovation and efficiency.”
We will continue to transform our operations to ensure we become as efficient an organisation as possible.
Concluding, Shaikh Mohamed said: “We have ended the third quarter with a growing customer base and strong cash-flows but lower than expected profit results. We will continue to transform our operations to ensure we become as efficient an organisation as possible. Our restructuring programme at Batelco Bahrain will drive savings of BD 20M annually from 2014 onwards and will allow a better alignment of our cost structure to the competitive environment. We will continue to look for acquisitions of complementary businesses which will add scale, maximise synergies and grow our revenue base.”
This press release has been issued by Batelco Corporate Affairs department. For further information, please contact Batelco Public Relations Office at Public.Relations@btc.com.bh / Fax +973 17611898.