Bahrain’s Beyon Lifts Q3 Profit 2% to BHD 17 Million, Nine-Month Profit Down 2.6%
Beyon, the listed Bahraini technology group, raised third-quarter profit attributable to shareholders 2% to BHD 17.0 million, but its nine-month profit was still lower than a year earlier.
Nine-month attributable profit fell 2.6% to BHD 50.6 million, which the company attributes to the regional geopolitical situation, particularly in the first quarter. For shareholders, the third quarter brought growth in revenue, operating profit and net profit together, with mobile and data services adding most of the revenue gain. In The Edge’s reading, fourth-quarter attributable profit now has to beat last year’s by at least BHD 1.34 million for the full year to match 2025.
The figures come from the group’s condensed consolidated interim financial statements for the nine months to 30 September, prepared under IAS 34 and reviewed, not audited, by KPMG Fakhro. The board approved them on 3 November, and Beyon filed them on Bahrain Bourse at 04:51 GMT on 4 November.
Third-quarter operating profit grows faster than revenue
Third-quarter revenue rose 3.8% to BHD 128.1 million. Results from operating activities, the statements’ operating profit line, grew faster, by 6.7% to BHD 27.2 million.
Mobile services, the largest revenue line, grew 4.1% in the quarter. Data communication circuits grew 12.8%, while fixed broadband fell 5.5%.
Total expenses rose 3.0%, slower than revenue. Staff costs climbed 6.3%, but depreciation and amortisation fell 3.2%.
The company puts quarterly EBITDA at BHD 46.9 million, up 2%. Operating results plus depreciation and amortisation in the statements give the same total, at a margin of 36.6% against 37.1% a year earlier.
Pre-tax profit rose 5.1% to BHD 23.1 million. Profit for the period, including minority shareholders, grew 4.4%.
The attributable share grew less because profit due to non-controlling interests rose to BHD 2.8 million from BHD 2.2 million. Earnings per share were 10.3 fils, against 10.1 fils.
Total comprehensive income attributable to shareholders fell 34.6% to BHD 13.2 million. The release puts the drop mainly down to changes in the fair value of investments, and the statements show a fair-value loss on equity securities of BHD 3.7 million in the quarter.
Third-quarter results (in BHD thousands)
| Line | Q3 2025 | Q3 2026 | Change |
|---|---|---|---|
| Revenue | 123,418 | 128,054 | 3.76% |
| Total expenses | 97,954 | 100,881 | 2.99% |
| Operating results | 25,464 | 27,173 | 6.71% |
| Pre-tax profit | 21,947 | 23,065 | 5.09% |
| Period profit | 18,965 | 19,804 | 4.42% |
| To shareholders | 16,726 | 17,010 | 1.70% |
| TCI | 20,258 | 13,240 | -34.64% |
Three months to 30 September, from the condensed consolidated statement of profit or loss and other comprehensive income (reviewed, not audited). “Operating results” is results from operating activities; “Period profit” includes non-controlling interests; “To shareholders” and “TCI” (total comprehensive income) are attributable to equity holders of the company. Changes computed on the exact figures.
Nine-month profit slips as other income and finance income shrink
Over nine months, revenue rose 1.8% to BHD 372.8 million. The company credits growth in international operations and digital services.
Operating results edged up 0.5% to BHD 80.3 million. Total expenses grew 2.1%, a little faster than revenue, with staff costs up 4.2%.
The fall in profit came below the operating line. Other income dropped to BHD 0.9 million from BHD 2.8 million.
Finance income fell to BHD 2.9 million from BHD 3.8 million. Lower finance costs offset only part of that decline.
Pre-tax profit fell 1.5% to BHD 68.1 million. The tax charge rose 3.1%, lifting the effective tax rate to 14.2%.
Profit attributable to shareholders fell 2.6% to BHD 50.6 million. Earnings per share eased to 30.6 fils from 31.4 fils.
The release gives nine-month EBITDA of BHD 139.3 million, up 1%. Operating results plus depreciation and amortisation give the same total, at a margin of 37.4% against 37.7%. The release rounds the 2026 margin to 37%.
Total comprehensive income attributable to shareholders fell 24.3% to BHD 44.5 million. The release cites foreign currency translation differences and changes in investment fair values, which together produced other comprehensive losses of BHD 6.1 million.
A year earlier, those items had added BHD 6.9 million. The statements’ summary table puts the annualised return on net worth at 11.7%, against 12.5% for 2025.
Nine-month results (in BHD thousands)
| Line | 9M 2025 | 9M 2026 | Change |
|---|---|---|---|
| Revenue | 366,264 | 372,804 | 1.79% |
| Staff costs | 52,879 | 55,087 | 4.18% |
| Total expenses | 286,317 | 292,455 | 2.14% |
| Operating results | 79,947 | 80,349 | 0.50% |
| Other income | 2,808 | 881 | -68.63% |
| Pre-tax profit | 69,187 | 68,127 | -1.53% |
| Period profit | 59,804 | 58,449 | -2.27% |
| To shareholders | 51,978 | 50,636 | -2.58% |
Nine months to 30 September, from the same statement (reviewed, not audited). “Other income” is other income (net); line definitions as in the third-quarter table. Changes computed on the exact figures.
International markets supply 56% of revenue while Bahrain segment profit falls
Bahrain generated BHD 162.4 million of nine-month revenue from external customers, almost unchanged on a year earlier. Its share of group revenue slipped to 43.5% from 44.3%.
Operations outside Bahrain grew 3.2% and supplied 56% of revenue, the same share the release gives.
Jordan, the largest market abroad, lifted revenue 2.2% to BHD 88.3 million. Its segment profit rose 15.2%, the only increase among Bahrain, Jordan, the Maldives and the Channel Islands.
Segment profit in Bahrain fell 8.9% to BHD 25.6 million. The Maldives and the Channel Islands also earned less, down 7.0% and 7.5%.
The Others segment, which covers operations including the UAE, Kuwait, Egypt, Saudi Arabia and Oman, turned a BHD 0.7 million loss into a BHD 1.0 million profit. Its revenue rose 11.7%, from a small base of BHD 15.8 million.
Revenue by market (in BHD thousands)
| Market | 9M 2025 | 9M 2026 | Change |
|---|---|---|---|
| Bahrain | 162,274 | 162,355 | 0.05% |
| Jordan | 86,364 | 88,285 | 2.22% |
| Maldives | 51,530 | 53,628 | 4.07% |
| Channel Islands | 50,286 | 50,874 | 1.17% |
| Others | 15,810 | 17,662 | 11.71% |
| Total | 366,264 | 372,804 | 1.79% |
Revenue from external customers by operating segment, nine months to 30 September (note 11, reviewed). “Others” also includes the United Kingdom, Tunisia, Algeria, France, Morocco and Ivory Coast. Changes computed on the exact figures.
Segment profit (in BHD thousands)
| Market | 9M 2025 | 9M 2026 | Change |
|---|---|---|---|
| Bahrain | 28,084 | 25,595 | -8.86% |
| Jordan | 8,218 | 9,468 | 15.21% |
| Maldives | 16,108 | 14,983 | -6.98% |
| Channel Islands | 8,936 | 8,262 | -7.54% |
| Others | (670) | 1,020 | n/m |
Segment profit or loss for the period, including non-controlling interests, before inter-segment elimination of (872) in 2025 and (879) in 2026; group profit for the period was 59,804 and 58,449. n/m: not meaningful (loss to profit).
By product, data communication circuits grew 10.8% over nine months and wholesale services 6.4%. Mobile services, which supply 44.4% of revenue, grew 0.7%.
Fixed broadband fell 4.6%, and fixed line services fell 8.6%. Equipment revenue slipped 2.0% over nine months, though it rose 17.9% in the third quarter.
Chief Executive Andrew Kvaalseth pointed to digital identity, saying wider use of eKey 2.0 across Bahrain’s financial services sector is creating opportunities to take those capabilities into new markets.
Borrowings rise and cash falls after dividends and investment
Total assets were BHD 1.29 billion at 30 September, 1.3% below the end of December. Equity attributable to shareholders fell 2.3% to BHD 561.0 million.
Cash and bank balances fell 12.9% to BHD 127.1 million. Loans and borrowings rose 3.4% to BHD 338.8 million.
On The Edge’s calculation, net debt, meaning loans and borrowings less cash and bank balances, rose to BHD 211.7 million from BHD 181.7 million at the end of December.
Balance sheet (in BHD millions)
| Item | Dec 2025 | Sep 2026 | Change |
|---|---|---|---|
| Total assets | 1,305.5 | 1,288.9 | -1.27% |
| Cash and bank | 146.0 | 127.1 | -12.92% |
| Borrowings | 327.7 | 338.8 | 3.38% |
| Total liabilities | 668.3 | 665.0 | -0.49% |
| Equity attributable | 574.1 | 561.0 | -2.29% |
| Total equity | 637.2 | 623.9 | -2.09% |
31 December 2025 audited; 30 September 2026 reviewed, not audited. “Borrowings” is current and non-current loans and borrowings (note 4), excluding lease liabilities; “Equity attributable” is equity attributable to equity holders of the company. Rounded to BHD 0.1 million; changes computed on the exact figures.
Net cash from operating activities fell 9.6% to BHD 111.3 million. Working capital absorbed more cash than a year earlier, and taxes paid rose 24.0%.
Spending on property, equipment and intangibles, net of disposals, fell to BHD 61.5 million from BHD 101.2 million. Dividends paid in the cash flow statement totalled BHD 61.8 million.
On The Edge’s calculation, operating cash flow less that capital spending came to BHD 49.7 million, BHD 12.0 million short of dividends paid. Net new borrowing over the period was BHD 11.3 million.
Shareholders approved a final 2025 dividend of BHD 31.4 million on 31 March. The board approved an interim dividend of 13.5 fils a share on 30 July.
The notes say the group restructured some borrowings during the period, extending the loan tenure and revising the repayment schedule. Interest rates on its facilities ranged from 4.7% to 10.5%, the same range the notes give for 2025.
After the reporting date, on 7 October, Beyon entered into a binding agreement to dispose of Batelco Financial Service Company B.S.C (c), which operates as Beyon Money. The transaction covers its payment, card issuance, remittance and investment services in Bahrain and the UAE.
On completion, Beyon will obtain a shareholder interest in an entity related to the buyer. Completion depends on regulatory approvals and customary closing conditions.
Management does not expect a significant effect on the group’s financial position or results, according to the notes. The chief executive described the agreement with barq as a chance for Beyon Money to join a larger regional fintech platform, with Beyon keeping an economic interest.
Chairman His Excellency Shaikh Abdulla bin Khalifa Al Khalifa said performance has strengthened as the year has progressed. He said the group would keep its focus on financial discipline and on investing in areas with strong growth potential.
Method: figures are from Beyon B.S.C.’s condensed consolidated interim financial statements for the nine months to 30 September 2026 (reviewed by KPMG Fakhro, report dated 3 November 2026), filed on Bahrain Bourse on 4 November 2026, and the company’s results release dated 3 November 2026; percentage changes, shares, margins, sums and the effective tax rate not attributed to a source are The Edge’s calculations, computed on the exact figures; prose figures are rounded.
Sources: Beyon, Bahrain Bourse, The Edge.
