Beyon
2025
Annual Report
From foundation to impact
This year marked a shift from building to delivering, where infrastructure, capability and scale became visible growth.
Live the Difference
Our purpose
Accelerate the digital future for better lives and prosperity
A global technology group born in the Kingdom of Bahrain to reach out to the region and beyond. Bringing technology closer to people and businesses with best in class connectivity and digital solutions.
- Think beyon limits
- Deliver beyon excellence
- Care beyon now
International geographies
Born in Bahrain, reaching the world
16countries and territories
14companies and brands
Point to a company to light up where it operates
Beyon companies and where they operate
| Company | Countries and territories |
|---|---|
| Batelco by Beyon | Bahrain |
| Beyon Connect | Bahrain, Saudi Arabia, UAE, Egypt, Tunisia |
| Beyon Cyber | Bahrain, Egypt, UAE |
| Beyon Solutions | Bahrain, Saudi Arabia, Kuwait, UAE, Oman, Maldives, Jordan |
| Beyon Money | Bahrain, UAE |
| Beyon Money Business | Bahrain |
| Umniah by Beyon | Jordan |
| Sure by Beyon | Guernsey, Jersey, Isle of Man, Diego Garcia, St Helena, Ascension Island, Falkland Islands |
| Dhiraagu | Maldives |
| GO Telecom | Saudi Arabia |
| Link Development | Bahrain, Kuwait, UAE |
| DTS Solution | Bahrain, Kuwait, UAE, Egypt |
| INSOMEA | Bahrain |
| totalCX | Bahrain |
Source: Beyon Annual Report 2025, International Geographies, pp. 6–7.
Leadership
Beyon’s performance in 2025 continued to demonstrate the fundamental strength of its balance sheet and financial outlook, reaffirming its ability to deliver sustainable growth while investing confidently in future value creation.
Throughout the year, we remained focused on long-term value creation through disciplined capital deployment, strategic partnerships, innovation in digital services, and sustained investment in next-generation infrastructure and platforms.
Chairman’s Statement
Gross revenues grew 8% year on year to BD496.6m (US$1,317.2m). EBITDA increased 3% to BD188.1m with a strong 38% margin, and operating profit rose 1% to BD110.2m. Net profit attributable to equity holders was BD71.3m: marginally lower, mainly because of the first-time application of Domestic Minimum Top-up Taxes (DMTT), acquisition-related charges linked to the 2024 transactions and lower interest income.
Group CEO Message
The connectivity businesses remain the foundation of the Group, generating stable, recurring demand while providing the infrastructure backbone for digital expansion.
01 · Financial performance
A year of delivering
Revenue grew 8% on momentum across the portfolio. EBITDA rose 3% with a strong 38% margin.
BD496.6m
Revenue 2025+8% on 2024 · US$1,317.2m
Financial highlights (BD millions)
| Measure | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | 496.6 | 460.0 | +8.0% |
| EBITDA | 188.1 | 183.4 | +2.6% |
| Operating profit | 110.2 | 109.5 | +0.7% |
| Net profit | 71.3 | 72.8 | −2.0% |
Source: Beyon Annual Report 2025, Financial Highlights.
2025 at a glance
Solid results, a stronger base
- EBITDABD188.1m38% margin
- Operating profitBD110.2m+0.7% on 2024
- Net profitBD71.3mAttributable to shareholders
- Total assetsBD1,305.5m+3.9% on 2024
- Cash and bank balancesBD146.0mNet debt to EBITDA 1.4x
- Earnings per share43.2 fils44.0 fils in 2024
20242025
Five years
Growth, year after year
- 399.62021
- 402.82022
- 424.92023
- 460.02024
- 496.62025
+24.3%
Revenue since 2021, an average of 5.6% a year
Five-year summary (BD millions, EPS in fils)
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 399.6 | 402.8 | 424.9 | 460.0 | 496.6 |
| EBITDA | 163.0 | 165.4 | 171.1 | 183.4 | 188.1 |
| Net profit | 65.9 | 70.3 | 72.0 | 72.8 | 71.3 |
| EPS | 39.8 | 42.5 | 43.6 | 44.0 | 43.2 |
Sources: Beyon Annual Reports 2022 to 2025.
Revenue by market
Every market grew
Five markets orbit the Group’s revenue. Bahrain brings in 44%; Others doubled with the companies acquired in 2024.
Revenue 2025 · change on 2024 · share. Point to a market to follow it.
Source: Beyon Annual Report 2025, note 40. Revenue from external customers.
Revenue and profit by market (BD millions)
| Market | 2025 | 2024 | Change | Profit 2025 |
|---|---|---|---|---|
| Bahrain | 220.6 | 210.8 | +4.6% | 57.4 |
| Jordan | 114.9 | 107.0 | +7.3% | 12.6 |
| Maldives | 69.4 | 68.1 | +1.8% | 21.9 |
| Channel Islands | 68.2 | 62.3 | +9.5% | 11.8 |
| Others | 23.6 | 11.7 | +101.0% | 1.7 |
Segment profits are before inter-segment eliminations of BD22.5m.
Revenue by service, BD millions
Mobile leads, new services rise
Mobile is 45% of revenue. Adjacent services such as ICT, cloud and cybersecurity grew fastest, up 48%.
- Mobile222.7+5.7%
- Fixed broadband76.8+1.1%
- Data circuits69.7−0.1%
- Adjacent services45.2+48.2%
- Wholesale41.6+18.1%
- Other services24.2+19.6%
- Fixed line16.4−6.3%
Source: Beyon Annual Report 2025, note 26. After inter-segment eliminations; faint line is 2024.
Cash flow, BD millions
Cash at work
Cash inBD255.7m
- 173.3 Operations
- 40.3 New borrowing, net
- 36.4 Investments sold, net
- 5.7 Interest and investment income
Cash outBD230.2m
- 131.4 Networks and equipment
- 61.6 Dividends
- 19.5 Interest
- 13.0 Leases
- 4.8 Acquisitions
Cash and cash equivalents rose from BD102.3m to BD127.8m.
Movement in cash, 2025 (BD millions)
| Item | BD m |
|---|---|
| Cash at 1 January | 102.3 |
| Operations | +173.3 |
| New borrowing, net | +40.3 |
| Investments sold, net | +36.4 |
| Interest and investment income | +5.7 |
| Networks and equipment | −131.4 |
| Dividends | −61.6 |
| Interest | −19.5 |
| Leases | −13.0 |
| Acquisitions | −4.8 |
| Cash at 31 December | 127.8 |
Source: Beyon Annual Report 2025, Consolidated Statement of Cash Flows.
Returns and strength
32.5 fils a share for 2025
A full-year cash dividend of BD53.9m: 13.5 fils paid in the third quarter, 19.0 fils after the AGM in March 2026.
- BD1,305.5mTotal assets
- BD637.2mNet assets
- BD146.0mCash and bank balances
- 1.4xNet debt to EBITDA
Proposed appropriations (BD millions)
| Item | 2025 | 2024 |
|---|---|---|
| Final cash dividends proposed | 31.60 | 31.60 |
| Interim cash dividends paid | 22.35 | 22.34 |
| Donations | 3.57 | 3.60 |
Source: Beyon Annual Report 2025, Chairman’s Statement.
02 · Connectivity
Three markets, one identity
More than a visual change: shared priorities, shared capabilities and one ambition.
Batelcoby BeyonBahrain · February 2025
Umniahby BeyonJordan · October 2025
Sureby BeyonChannel Islands and Isle of Man · October 2025
Batelco by Beyon and BNET
Building Bahrain’s digital backbone
10 of 14countries with SEA-ME-WE 6 cable landings
Marine survey 90% complete. Batelco is among the biggest investors in the consortium.
- 30%of support interactions now digital, with the AI assistant Basma
- 2 Gbpstop home fibre speed
- 99.63%BNET home internet delivery success rate
- Bahrain’s first White Space Data Centre
- The Kingdom’s first private 5G industrial network
- One Plan: mobile and home fibre on one bill
- Eco-SIM, from 100% recycled materials
2025 was a year of purposeful execution for Batelco, rebranded early in the year as Batelco by Beyon. It focused on digital infrastructure, customer experience, strategic partnerships and sustainable innovation.
SEA-ME-WE 6: 90% of the marine survey complete and cable landings in 10 of 14 countries.
Al Khaleej Cable: full marine survey complete and the cable manufactured; landings in four countries planned for the second quarter of 2026.
Bahrain’s first White Space Data Centre, for hyperscalers, cloud providers, AI workloads and enterprises.
Digital support reached 30% of interactions, powered by the AI assistant Basma.
AI in operations (network self-healing, code testing, fraud management) improved results by up to 30%.
The Kingdom’s first private 5G industrial network; an IoT platform with Thales.
One Plan, new fibre tiers of up to 2Gbps, the Voya roaming eSIM and Eco-SIM cards from 100% recycled materials.
A 99.63% success rate in delivering home internet services.
A long-term framework agreement with Nokia; Amwaj Islands infrastructure assets acquired and an asset transfer agreement with stc Bahrain.
Leading Sustainable Network Award in Barcelona; Gold Accreditation from the Ministry of Health.
The Bayanat data platform launched with Keyrus; two electric vehicle charging stations opened.
Umniah by Beyon
Gaining share on every measure
- Revenue share22.0%
- EBITDA share21.3%
- Net income share17.6%
Market share in Jordan, year to date September: 2024 (ring) → 2025 (light)
- +40%Net profit
- +12%EBITDA
- +8%Gross revenue
- 2.3×5G customers vs 2024
Faisal AlJalahmaChief Executive Officer, Umniah by Beyon
Sure by Beyon and Dhiraagu
Fibre to (almost) every door
DhiraaguMaldives
of households across all inhabited islands can access fibre
- First Tier IV data centre in the Maldives
- 5G coverage reached 73% of the population
Ismail RasheedCEO and Managing Director
Sure by BeyonChannel Islands and Isle of Man
of properties in Guernsey can access full fibre
- £48m for a new mobile network including 5G, launching in 2026
- Revenue +6%, with Airtel Vodafone integrated
Alistair BeakChief Executive Officer
03 · Digital growth
Digital companies, scaling fast
More than 1,200 professionals in 10+ countries, with positive operational earnings.
1.7×revenue growth of the Digital Growth portfolio
- Beyon CyberOrryx AI
Autonomous security operations; fastest growing in the Middle East, third year running
- Beyon SolutionsAI-ready cloud
The Kingdom’s first, with iGA; Oracle Sovereign Cloud
- Beyon ConnecteKey 2.0
Password-less national digital identity; 40+ entities onboarded
- Beyon Money10+ corridors
50+ app redesigns and Beyon Money Business launched
The achievements of our Digital Growth companies in 2025 reflect Beyon’s ability to deliver innovation with purpose and execute at scale.
Beyon’s Digital Growth portfolio achieved 1.7 times revenue growth alongside positive operational earnings, driven by critical national infrastructure wins, AI-led innovation and operations in more than 10 countries across the GCC, North Africa and Europe, with more than 1,200 professionals.
Beyon Cyber
Launched Orryx AI, an autonomous security operations platform developed by Beyon Cyber Labs.
Expanded across Bahrain, the UAE and Kuwait, strengthened in Saudi Arabia and entered Jordan with Umniah by Beyon.
Fastest Growing Cybersecurity Company in the Middle East (Deloitte), for the third consecutive year; CREST Pathway+ accreditation.
Beyon Solutions
Launched the Kingdom’s first AI-ready cloud platform with iGA, operating entirely within Bahrain.
Advanced the Oracle Sovereign Cloud Project; an MoU with Gulf Air Group and Oracle.
Smart AI Traffic Project with the Ministry of Interior; wireless upgrade for government schools; work in Egypt and Saudi Arabia.
Beyon Connect
Launched eKey 2.0 with iGA: a password-less digital identity with biometric authentication.
More than 40 public, semi-public and private entities onboarded; more than 50% of addressable citizens and residents enrolled within 10 months.
Bulk KYC with iGA: more than 1 million customer records verified in November and December.
Beyon Money
More than 50 app redesign initiatives and full Arabic support.
The first fintech to enable full onboarding with eKey 2.0; FAWRI+ and more than 10 new international remittance corridors.
Beyon Money Business launched commercially, with a digital payroll integrated with the Wage Protection System.
Beyon Connect
Half of Bahrain on eKey 2.0 in ten months
Month 10
- 50%+of addressable citizens and residents enrolled
- 40+entities onboarded
- 1M+records verified in the Bulk KYC campaign
04 · People and impact
Building future-ready talent
49,607training hours in 2025
3,477 hours focused on AI46.5 hours per team member
- 37average age
- 8average years of service
- 13graduate trainees onboarded
Beyon continued to place its people at the heart of its strategy, strengthening capability, engagement and well-being through learning, recognition and team-building.
49,607 training hours delivered, an average of 46.5 hours per team member; 3,477 AI-focused training hours.
Beyon Elevate with Harvard, INSEAD and the London School of Economics; Beyon Navigate with Strathclyde University.
17 graduate trainee positions established and 13 graduate trainees onboarded.
Great Place To Work® certification: Bahrain for the sixth consecutive year, Umniah for the second, Dhiraagu and Sure for the first time.
The Chairman’s Award now open to team members across all Beyon companies, with a top prize of about US$27,000.
Care beyon now
Cleaner power, stronger communities
21%
of Beyon Bahrain’s electricity came from renewables
- 18.5 GWhless energy used
- 6.5 GWhfrom solar parks
- 4,800 tCO₂ avoided a year
- 29,000 m³water conserved
- 745volunteers
- 2,298volunteering hours
- 105Bahraini scholars, to 2030
239 CSR initiatives, one dot each
05 · Leadership and governance
A board of ten, seven independent
Shaikh Abdulla bin Khalifa Al KhalifaChairman · Independent
Shaikh Ali bin Khalifa Al KhalifaDeputy Chairman · Independent
Abdulla Abdulrazaq BukhowaDirector · Independent
Abdulla Ahmed KamalDirector · Independent
Ahmad MazharDirector · Independent
Ahmed Abdulwahed AbdulrahmanDirector · Independent
Brig. Gen. Waleed Bin HindiDirector · Independent
Fatema Ghazi AlarayedhDirector
Dr. Daniel RitzDirector
Saleh RomeihDirector
- 7 / 10non-executive independent directors; the other three are non-executive
- 94.2%board performance evaluation for 2025: Excellent
- 2023–26current board term, from March 2023; a new term begins in March 2026
Board of Directors, 2025
| Director | Position | Type |
|---|---|---|
| Shaikh Abdulla bin Khalifa Al Khalifa | Chairman | Non-executive independent |
| Shaikh Ali bin Khalifa Al Khalifa | Deputy Chairman | Non-executive independent |
| Abdulla Abdulrazaq Bukhowa | Director | Non-executive independent |
| Abdulla Ahmed Kamal | Director | Non-executive independent |
| Ahmad Mazhar | Director | Non-executive independent |
| Ahmed Abdulwahed Abdulrahman | Director | Non-executive independent |
| Brig. Gen. Waleed Bin Hindi | Director | Non-executive independent |
| Fatema Ghazi Alarayedh | Director | Non-executive |
| Dr. Daniel Ritz | Director | Non-executive |
| Saleh Romeih | Director | Non-executive |
90% of directors are male and 10% female.
Beyon Management
The Group’s executive team
Ten leaders across finance, technology, strategy, people and the operating companies.
Point to a person, or a name, to see who is who
Source: Beyon Annual Report 2025, Executive Management, pp. 18–19.
Beyon Management
| Name | Position |
|---|---|
| Andrew Kvaalseth | Group Chief Executive Officer |
| Shaikh Mohamed bin Khalifa Al Khalifa | CEO, Beyon Digital Growth |
| Maitham Abdulla | CEO, Batelco by Beyon |
| Reem Altajer | Chief Financial Officer |
| Shaikh Bader bin Rashid Al Khalifa | Chief Communications and Sustainability Officer |
| Buddhadeb Samanta | Chief Internal Audit |
| Faisal Al Jalahma | Chief Human Resources Officer |
| Jehan Hasan | Chief Strategy Officer |
| Jussi Nyfelt | Chief Technology Officer |
| Miguel-Angel Fuentes | General Counsel |
Batelco by Beyon Management
Leading Bahrain’s connectivity
The team behind the Kingdom’s largest network and its first White Space Data Centre.
Point to a person, or a name, to see who is who
Source: Beyon Annual Report 2025, Executive Management, p. 20.
Batelco by Beyon Management
| Name | Position |
|---|---|
| Maitham Abdulla | Chief Executive Officer |
| Abdulla Danesh | General Manager, Enterprise |
| Aseel Mattar | General Manager, Consumer |
| Haitham Al-Balooshi | General Manager, Finance |
| Hani Askar | Chief Global Business Officer |
| Rashid Mohamed | Chief Technology Officer |
Beyon Digital Growth Management
Building the digital companies
Leaders of Beyon Money, Connect, Cyber and Solutions.
Point to a person, or a name, to see who is who
Source: Beyon Annual Report 2025, Executive Management, p. 21.
Beyon Digital Growth Management
| Name | Position |
|---|---|
| Shaikh Mohamed bin Khalifa Al Khalifa | CEO, Beyon Digital Growth |
| Bruce Rayner | CEO, Beyon Money |
| Christopher Hild | CEO, Beyon Connect |
| Dr. Shaikh Khalid bin Daij Al Khalifa | CEO, Beyon Cyber |
| Nicholas Toon | CEO, Beyon Solutions |
Leadership and governance
A year of oversight
24board and committee meetings in 2025, each dot one meeting
- Board of Directors6 meetings · at least 4 required
- Executive Committee8 meetings · 97% attendance
- Remuneration, Nomination, CSR and Governance6 meetings · 100% attendance
- Audit Committee4 meetings · 94% attendance
- Compliantwith the Corporate Governance Code, 2025
- KPMG Fakhroexternal auditor since 1993; audit fees BD705,339
- Nilirregularities in the financial year
Meetings and attendance, 2025
| Body | Meetings | Members |
|---|---|---|
| Board of Directors | 6 | 10 |
| Executive Committee | 8 | 4 |
| Remuneration, Nomination, CSR and Corporate Governance Committee | 6 | 4 |
| Audit Committee | 4 | 4 |
Corporate Governance Officer: Noor Bukamal, Director of Corporate Governance and Board Secretary.
Leadership and governance
Who owns Beyon
10,577shareholders
- Mumtalakat Holding CompanyGovernment · local36.67%
- PublicIndividuals and institutions23.02%
- Social Insurance OrganizationGovernment · local20.31%
- Amber Holding CompanyOrganization · foreign20.00%
- BD591,396total board remuneration, including sitting fees and subsidiary boards
- BD1,515,931paid to the six highest-paid executives
- 1,663.2mshares in issue
Shareholders with 5% or more, 31 December 2025
| Shareholder | Shares | Share |
|---|---|---|
| Mumtalakat Holding Company | 609,840,000 | 36.67% |
| Social Insurance Organization | 337,835,705 | 20.31% |
| Amber Holding Company | 332,640,000 | 20.00% |
| Public | 382,884,295 | 23.02% |
| Total | 1,663,200,000 | 100% |
No individual holds more than 5%. Directors’ remuneration proposed for 2025: BD543,914 (2024: BD536,755).
06 · Financial statements
From revenue to profit
Each step of the income statement, BD millions. Of every BD100 of revenue, BD22 became operating profit.
- 496.6Revenue
- −180.1Network
- −71.5Staff
- −77.9Depreciation
- −56.9Other costs
- 110.2Operating profit
- −14.0Finance and other, net
- −13.3Tax
- 82.8Profit for the year
- −11.5Minority shares
- 71.3Net profit to shareholders
22.2%operating margin
14.4%net margin to shareholders
Consolidated statement of profit or loss and other comprehensive income
For the year ended 31 December 2025. Report page 88.
| BD thousands | 2025 | 2024 |
|---|---|---|
| Revenue | 496,641 | 459,985 |
| Expenses | ||
| Network operating expenses | (180,103) | (165,825) |
| Staff costs | (71,521) | (60,577) |
| Depreciation and amortisation | (77,927) | (73,949) |
| Impairment loss on trade receivables and contract assets | (4,138) | (3,063) |
| Other operating expenses | (52,730) | (47,074) |
| Total expenses | (386,419) | (350,488) |
| Results from operating activities | 110,222 | 109,497 |
| Finance and related income | 4,617 | 8,152 |
| Finance and related expenses | (23,949) | (25,146) |
| Other income, net | 3,422 | 357 |
| Share of profit from equity accounted investees | 1,870 | 1,605 |
| Profit before taxation | 96,182 | 94,465 |
| Tax expense | (13,338) | (9,578) |
| Profit for the year | 82,844 | 84,887 |
| Other comprehensive income | ||
| Foreign currency translation differences | 5,774 | (1,451) |
| Investment fair value changes (equity securities) | (9,581) | 29,047 |
| Total comprehensive income for the year | 79,037 | 112,483 |
| Profit attributable to | ||
| Equity holders of the Company | 71,327 | 72,755 |
| Non-controlling interest | 11,517 | 12,132 |
| Basic and diluted earnings per share (fils) | 43.2 | 44.0 |
Financial statements
What Beyon owns, what it owes
Statement of financial position at 31 December 2025, BD millions. Each side adds up to the same total.
AssetsBD1,305.5m
- 471.5Property and equipment
- 338.8Goodwill and intangibles
- 184.1Receivables and inventories
- 146.0Cash and bank
- 89.0Investments
- 76.0Right-of-use and other
Equity and liabilitiesBD1,305.5m
- 574.1Shareholders’ equity
- 63.1Minority interests
- 327.7Loans and borrowings
- 281.3Payables and other
- 59.2Lease liabilities
Consolidated statement of financial position
As at 31 December 2025. Report page 87.
| BD thousands | 2025 | 2024 |
|---|---|---|
| Non-current assets | ||
| Property and equipment | 471,548 | 424,570 |
| Right-of-use assets | 57,607 | 58,163 |
| Goodwill | 162,290 | 163,420 |
| Other intangible assets | 176,537 | 167,385 |
| Equity accounted investees | 11,917 | 10,401 |
| Deferred tax assets | 6,682 | 5,682 |
| Investments | 59,915 | 68,131 |
| Other non-current assets | 11,728 | 12,139 |
| Total non-current assets | 958,224 | 909,891 |
| Current assets | ||
| Inventories | 7,205 | 7,872 |
| Trade receivables and other assets | 176,906 | 164,865 |
| Investments | 17,163 | 29,321 |
| Cash and bank balances | 145,995 | 144,060 |
| Total current assets | 347,269 | 346,118 |
| Total assets | 1,305,493 | 1,256,009 |
| Non-current liabilities | ||
| Trade payables and other liabilities | 39,915 | 57,633 |
| Lease liabilities | 50,441 | 49,317 |
| Loans and borrowings | 305,196 | 273,272 |
| Deferred tax liabilities | 5,385 | 5,319 |
| Total non-current liabilities | 400,937 | 385,541 |
| Current liabilities | ||
| Trade payables and other liabilities | 235,979 | 227,747 |
| Lease liabilities | 8,804 | 8,090 |
| Loans and borrowings | 22,531 | 12,798 |
| Total current liabilities | 267,314 | 248,635 |
| Total liabilities | 668,251 | 634,176 |
| Net assets | 637,242 | 621,833 |
| Equity | ||
| Share capital | 166,320 | 166,320 |
| Statutory reserve | 93,826 | 91,173 |
| General reserve | 44,000 | 44,000 |
| Other reserves | (4,383) | (521) |
| Treasury shares | (4,494) | (4,499) |
| Retained earnings | 278,873 | 267,768 |
| Equity attributable to equity holders of the Company | 574,142 | 564,241 |
| Non-controlling interest | 63,100 | 57,592 |
| Total equity | 637,242 | 621,833 |
Financial statements
Cash in, cash invested
Consolidated statement of cash flows, 2025, BD millions.
- Operating activities+173.3
- Investing activities−94.1
- Financing activities−53.8
- Net change in cash+25.5
BD131.4minvested in networks, equipment and intangibles: 26% of revenue
BD61.6mpaid to shareholders in dividends during the year
Consolidated statement of cash flows
For the year ended 31 December 2025. Report page 89.
| BD thousands | 2025 | 2024 |
|---|---|---|
| Operating activities | ||
| Profit for the year | 82,844 | 84,887 |
| Non-operating items, including tax | 29,248 | 26,215 |
| Share of profit from equity accounted investees | (1,870) | (1,605) |
| Depreciation and amortisation | 77,927 | 73,949 |
| Impairment loss on trade receivables and contract assets | 4,138 | 3,063 |
| Operating cash flow before working capital changes | 192,287 | 186,509 |
| Increase in trade receivables and other assets | (311) | (20,046) |
| Decrease / (increase) in inventories | 737 | (363) |
| (Decrease) / increase in trade payables and other liabilities | (3,439) | 18,585 |
| Cash generated from operating activities | 189,274 | 184,685 |
| Taxes paid | (11,840) | (9,342) |
| Payment to charities | (4,111) | (2,657) |
| Net cash from operating activities | 173,323 | 172,686 |
| Investing activities | ||
| Acquisition of property, equipment and intangibles, net | (131,366) | (140,689) |
| Acquisition of business, net of cash acquired | (4,824) | (28,078) |
| Net cash from sale / (purchase) of other investments | 36,447 | (39,366) |
| Interest and investment income received | 5,665 | 8,054 |
| Net cash used in investing activities | (94,078) | (200,079) |
| Financing activities | ||
| Dividend paid | (61,554) | (71,203) |
| Payment of lease liabilities | (13,024) | (14,596) |
| Interest paid | (19,473) | (18,888) |
| Borrowings drawn, net | 40,268 | 31,053 |
| Acquisition of share-based payment treasury shares, net | (119) | (107) |
| Sale of market making shares, net | 124 | 36 |
| Net cash used in financing activities | (53,778) | (73,705) |
| Increase / (decrease) in cash and cash equivalents | 25,467 | (101,098) |
| Cash and cash equivalents at 1 January | 102,292 | 203,390 |
| Cash and cash equivalents at 31 December | 127,759 | 102,292 |
Financial statements
The audited statements, in full
Open any statement to read every line, with 2024 alongside.
KPMG Fakhro audited the consolidated financial statements, approved by the Board on 26 February 2026.
Consolidated statement of profit or loss and other comprehensive income
For the year ended 31 December 2025. Report page 88.
| BD thousands | 2025 | 2024 |
|---|---|---|
| Revenue | 496,641 | 459,985 |
| Expenses | ||
| Network operating expenses | (180,103) | (165,825) |
| Staff costs | (71,521) | (60,577) |
| Depreciation and amortisation | (77,927) | (73,949) |
| Impairment loss on trade receivables and contract assets | (4,138) | (3,063) |
| Other operating expenses | (52,730) | (47,074) |
| Total expenses | (386,419) | (350,488) |
| Results from operating activities | 110,222 | 109,497 |
| Finance and related income | 4,617 | 8,152 |
| Finance and related expenses | (23,949) | (25,146) |
| Other income, net | 3,422 | 357 |
| Share of profit from equity accounted investees | 1,870 | 1,605 |
| Profit before taxation | 96,182 | 94,465 |
| Tax expense | (13,338) | (9,578) |
| Profit for the year | 82,844 | 84,887 |
| Other comprehensive income | ||
| Foreign currency translation differences | 5,774 | (1,451) |
| Investment fair value changes (equity securities) | (9,581) | 29,047 |
| Total comprehensive income for the year | 79,037 | 112,483 |
| Profit attributable to | ||
| Equity holders of the Company | 71,327 | 72,755 |
| Non-controlling interest | 11,517 | 12,132 |
| Basic and diluted earnings per share (fils) | 43.2 | 44.0 |
Consolidated statement of financial position
As at 31 December 2025. Report page 87.
| BD thousands | 2025 | 2024 |
|---|---|---|
| Non-current assets | ||
| Property and equipment | 471,548 | 424,570 |
| Right-of-use assets | 57,607 | 58,163 |
| Goodwill | 162,290 | 163,420 |
| Other intangible assets | 176,537 | 167,385 |
| Equity accounted investees | 11,917 | 10,401 |
| Deferred tax assets | 6,682 | 5,682 |
| Investments | 59,915 | 68,131 |
| Other non-current assets | 11,728 | 12,139 |
| Total non-current assets | 958,224 | 909,891 |
| Current assets | ||
| Inventories | 7,205 | 7,872 |
| Trade receivables and other assets | 176,906 | 164,865 |
| Investments | 17,163 | 29,321 |
| Cash and bank balances | 145,995 | 144,060 |
| Total current assets | 347,269 | 346,118 |
| Total assets | 1,305,493 | 1,256,009 |
| Non-current liabilities | ||
| Trade payables and other liabilities | 39,915 | 57,633 |
| Lease liabilities | 50,441 | 49,317 |
| Loans and borrowings | 305,196 | 273,272 |
| Deferred tax liabilities | 5,385 | 5,319 |
| Total non-current liabilities | 400,937 | 385,541 |
| Current liabilities | ||
| Trade payables and other liabilities | 235,979 | 227,747 |
| Lease liabilities | 8,804 | 8,090 |
| Loans and borrowings | 22,531 | 12,798 |
| Total current liabilities | 267,314 | 248,635 |
| Total liabilities | 668,251 | 634,176 |
| Net assets | 637,242 | 621,833 |
| Equity | ||
| Share capital | 166,320 | 166,320 |
| Statutory reserve | 93,826 | 91,173 |
| General reserve | 44,000 | 44,000 |
| Other reserves | (4,383) | (521) |
| Treasury shares | (4,494) | (4,499) |
| Retained earnings | 278,873 | 267,768 |
| Equity attributable to equity holders of the Company | 574,142 | 564,241 |
| Non-controlling interest | 63,100 | 57,592 |
| Total equity | 637,242 | 621,833 |
Consolidated statement of cash flows
For the year ended 31 December 2025. Report page 89.
| BD thousands | 2025 | 2024 |
|---|---|---|
| Operating activities | ||
| Profit for the year | 82,844 | 84,887 |
| Non-operating items, including tax | 29,248 | 26,215 |
| Share of profit from equity accounted investees | (1,870) | (1,605) |
| Depreciation and amortisation | 77,927 | 73,949 |
| Impairment loss on trade receivables and contract assets | 4,138 | 3,063 |
| Operating cash flow before working capital changes | 192,287 | 186,509 |
| Increase in trade receivables and other assets | (311) | (20,046) |
| Decrease / (increase) in inventories | 737 | (363) |
| (Decrease) / increase in trade payables and other liabilities | (3,439) | 18,585 |
| Cash generated from operating activities | 189,274 | 184,685 |
| Taxes paid | (11,840) | (9,342) |
| Payment to charities | (4,111) | (2,657) |
| Net cash from operating activities | 173,323 | 172,686 |
| Investing activities | ||
| Acquisition of property, equipment and intangibles, net | (131,366) | (140,689) |
| Acquisition of business, net of cash acquired | (4,824) | (28,078) |
| Net cash from sale / (purchase) of other investments | 36,447 | (39,366) |
| Interest and investment income received | 5,665 | 8,054 |
| Net cash used in investing activities | (94,078) | (200,079) |
| Financing activities | ||
| Dividend paid | (61,554) | (71,203) |
| Payment of lease liabilities | (13,024) | (14,596) |
| Interest paid | (19,473) | (18,888) |
| Borrowings drawn, net | 40,268 | 31,053 |
| Acquisition of share-based payment treasury shares, net | (119) | (107) |
| Sale of market making shares, net | 124 | 36 |
| Net cash used in financing activities | (53,778) | (73,705) |
| Increase / (decrease) in cash and cash equivalents | 25,467 | (101,098) |
| Cash and cash equivalents at 1 January | 102,292 | 203,390 |
| Cash and cash equivalents at 31 December | 127,759 | 102,292 |
Segment information, 2025 (BD thousands)
| Market | Revenue | Profit | Total assets |
|---|---|---|---|
| Bahrain | 220,607 | 57,384 | 582,119 |
| Jordan | 114,871 | 12,590 | 381,419 |
| Maldives | 69,383 | 21,866 | 205,999 |
| Channel Islands | 68,180 | 11,762 | 125,814 |
| Others | 23,600 | 1,739 | 32,658 |
| Eliminations | (22,497) | (22,516) | |
| Total | 496,641 | 82,844 | 1,305,493 |
Looking ahead
Live the Difference
Beyon enters 2026 with strengthened integration, improved portfolio alignment and a clear capital allocation framework focused on scalable infrastructure and high-impact digital platforms.
Corporate Governance and Board Secretary
P.O. Box 14, Manama, Kingdom of Bahrain
www.beyon.com · GBS@beyon.com
The full report
Read every page, in print quality
The complete Beyon Annual Report 2025: strategic report, corporate governance and the audited consolidated financial statements.
