Latest news with #BeyonBSC
Daily Tribune
31-07-2025
- Business
- Daily Tribune
Beyon Announces Q2 2025 and Half Year 2025 Financial Results
Beyon BSC (Ticker: BEYON), announced its financial results for the second quarter and first half of 2025. Beyon reported net profit attributable to equity holders of BD17.2M (US$45.6M) for Q2 2025, a 13% decrease from BD19.8M (US$52.5M) reported for the corresponding quarter of 2024. The YoY decline in net profit attributable to equity holders is mainly due to additional taxes from the application of Domestic Minimum Top-Taxes ('DMTT'), effective 1 January 2025, and acquisition charges associated with the acquisitions completed in 2024. Earnings per share (EPS) are 10.4 fils for the second quarter of 2025, compared to 12.0 fils in Q2 2024. Second quarter Total comprehensive income attributable to equity holders in Q2 2025 was reported at BD26.7M (US$70.8M), a 53% increase from BD17.4M (US$46.2M) in the second quarter of 2024, mainly due to favorable foreign currency translation differences and investment fair value changes. Operating profit in Q2 2025 of BD28.5M (US$75.6M) is in line with BD28.5M (US$75.6M) reported in Q2 2024. EBITDA stands at BD46.9M (US$124.4M) in Q2 2025 compared to BD45.2M (US$119.9M) in Q2 2024, an increase of 4%. The company maintained a healthy EBITDA margin of 37% in Q2 2025. Revenues for the second quarter of 2025 increased by 11% to BD125.3M (US$332.4M) compared to BD112.5M (US$298.4M) in Q2 2024. Six months For the first six months of 2025, net profit attributable to equity holders of the company of BD35.3M (US$93.6M) decreased by 9% compared to BD38.6M (US$102.4M) in 2024, mainly due to DMTT and acquisition related charges. Earnings per share (EPS) are 21.3 fils for the period compared to an EPS of 23.3 fils for H1 2024. Total comprehensive income attributable to equity holders of the company decreased by 32% from BD57.1M (US$151.5M) in H1 2024 to BD38.6M (US$102.4M) in H1 2025 mainly due to investment fair value changes. Operating profits decreased by 2% from BD55.6M (US$147.5M) in H1 2024 to BD54.5M (US$144.6M) in H1 2025. However, EBITDA increased by 3% from BD89.2M (US$236.6M) in H1 2024 to BD92.3M (US$244.8M) in H1 2025. The company maintained a healthy EBITDA margin of 38% in H1 2025. Revenues for the first six months of the year of BD242.8M (US$644.0M) increased by 9% from BD222.9M (US$591.2M) of revenues in H1 2024, mainly due to increases in mobile, fixed broadband, wholesale and digital services. Beyon was able to grow its overall customer base by 6% YoY with a 7% and 3% increase in mobile and broadband subscribers respectively. Cash dividend The Board of Directors approved an interim cash dividend for shareholders of 13.5 fils per share or 13.5% of paidup capital for the six-month period of 2025. This is in line with the 2024 interim dividend payment and the Board of Directors' commitment to continuously deliver strong returns to shareholders. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa commented on the financial results for the second quarter of 2025 and the first six months of 2025 following a meeting of the Board of Directors on Wednesday 30th July, at Beyon's Campus, Hamala, Kingdom of Bahrain. Beyon CEO, Andrew Kvaalseth, said, 'Our results in the second quarter of 2025 reinforce the strength of our operations and our disciplined approach to delivering value.'
Zawya
30-07-2025
- Business
- Zawya
Beyon announces Q2 2025 and half year 2025 financial results
Manama, Bahrain: Beyon BSC (Ticker: BEYON), today announced its financial results for the second quarter and first half of 2025. Beyon reported net profit attributable to equity holders of BD17.2M (US$45.6M) for Q2 2025, a 13% decrease from BD19.8M (US$52.5M) reported for the corresponding quarter of 2024. The YoY decline in net profit attributable to equity holders is mainly due to additional taxes from the application of Domestic Minimum Top-Taxes ('DMTT'), effective 1 January 2025, and acquisition charges associated with the acquisitions completed in 2024. Earnings per share (EPS) are 10.4 fils for the second quarter of 2025, compared to 12.0 fils in Q2 2024. Total comprehensive income attributable to equity holders in Q2 2025 was reported at BD26.7M (US$70.8M), a 53% increase from BD17.4M (US$46.2M) in the second quarter of 2024, mainly due to favorable foreign currency translation differences and investment fair value changes. Operating profit in Q2 2025 of BD28.5M (US$75.6M) is in line with BD28.5M (US$75.6M) reported in Q2 2024. EBITDA stands at BD46.9M (US$124.4M) in Q2 2025 compared to BD45.2M (US$119.9M) in Q2 2024, an increase of 4%. The company maintained a healthy EBITDA margin of 37% in Q2 2025. Revenues for the second quarter of 2025 increased by 11% to BD125.3M (US$332.4M) compared to BD112.5M (US$298.4M) in Q2 2024. For the first six months of 2025, net profit attributable to equity holders of the company of BD35.3M (US$93.6M) decreased by 9% compared to BD38.6M (US$102.4M) in 2024, mainly due to DMTT and acquisition related charges. Earnings per share (EPS) are 21.3 fils for the period compared to an EPS of 23.3 fils for H1 2024. Total comprehensive income attributable to equity holders of the company decreased by 32% from BD57.1M (US$151.5M) in H1 2024 to BD38.6M (US$102.4M) in H1 2025 mainly due to investment fair value changes. Operating profits decreased by 2% from BD55.6M (US$147.5M) in H1 2024 to BD54.5M (US$144.6M) in H1 2025. However, EBITDA increased by 3% from BD89.2M (US$236.6M) in H1 2024 to BD92.3M (US$244.8M) in H1 2025. The company maintained a healthy EBITDA margin of 38% in H1 2025. Revenues for the first six months of the year of BD242.8M (US$644.0M) increased by 9% from BD222.9M (US$591.2M) of revenues in H1 2024, mainly due to increases in mobile, fixed broadband, wholesale and digital services. Beyon was able to grow its overall customer base by 6% YoY with a 7% and 3% increase in mobile and broadband subscribers respectively. Beyon's balance sheet remains strong with total equity attributable to equity holders of the company of BD567.8M (US$1,506.1M) as of 30 June 2025, 1% higher than BD564.2M (US$1,496.6M) reported as of 31 December 2024. Total assets of BD1,274.6M (US$3,380.9M) as of 30 June 2025 are 1% higher than total assets of BD1,256.0M (US$3,331.6M) as of 31 December 2024. Net assets as of 30 June 2025 which stand at BD624.7M (US$1,657.0M) are in line with BD621.8M (US$1,649.3M) reported as of 31 December 2024. The Company reported cash and bank balances of BD125.9M (US$334.0M) as of 30 June 2025. The Board of Directors approved an interim cash dividend for shareholders of 13.5 fils per share or 13.5% of paid-up capital for the six-month period of 2025. This is in line with the 2024 interim dividend payment and the Board of Directors' commitment to continuously deliver strong returns to shareholders. Financial and Operational Highlights *Excludes subscriber numbers from Sabafon, Beyon's associate company in Yemen, and Etihad Atheeb Telecom, Beyon's investment in Saudi Arabia. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa commented on the financial results for the second quarter of 2025 and the first six months of 2025 following a meeting of the Board of Directors on Wednesday 30th July, at Beyon's Campus, Hamala, Kingdom of Bahrain. 'The Board is pleased to see Beyon continuing the positive trajectory established in previous quarters, delivering solid revenue growth and a healthy EBITDA margin in the second half of 2025. The Group's performance remains is in line with expectations and reflects the continued strength of our strategy.' 'Despite the expected result of the application of Domestic Minimum Top-Up Taxes (DMTT) on net profit, the underlying fundamentals of the business remain strong, with consistent operational delivery and financial resilience. Our ability to sustain robust EBITDA performance while investing in future-focused platforms is a testament to the Group's sound financial position and long-term outlook. Notably, the Group continues to distribute dividends in line with previous years, reaffirming our commitment to delivering sustained value for shareholders while ensuring the financial strength required to support future growth.' Shaikh Abdulla also spoke to Beyon's deep commitment to supporting national digital ambitions, 'In parallel with our business performance, through strategic investments and partnerships, we continue to support the Kingdom's digital transformation journey, investing in secure connectivity and advanced infrastructure as well as innovations in cloud and cybersecurity solutions. These efforts reflect our Group's purpose of unlocking opportunities for communities, businesses, and government through technology, and delivering on our promise to accelerate digital progress in the communities we serve.' Expanding on the Group's performance, Beyon CEO, Andrew Kvaalseth, said, 'Our results in the second quarter of 2025 reinforce the strength of our operations and our disciplined approach to delivering value. We've seen continued momentum across our core business lines, with a 6% year-on-year increase in our customer base—driven by a 7% rise in mobile subscribers and 3% growth in fixed broadband. Additionally, our international operations also performed well, with Umniah, our Jordan-based telecom, recording a 9% year-on-year revenue increase. These gains are an important validation of our regional strategy and our ability to deliver high-quality, customer-centric connectivity solutions in a competitive landscape.' 'Closer to home, Batelco by Beyon launched Voya, Bahrain's first fully digital eSIM solution, marking a significant step in how customers engage with mobile services both locally and internationally. Voya builds on our innovation track record and underlines our commitment to shaping the future of digital access in the Kingdom. We also made meaningful progress on the enterprise front with our collaboration with key partners in the financial sector enabling seamless infrastructure migration and deeper integration of telecommunications with financial services.' 'Within our digital companies, we have continued to scale our service offerings. Beyon Solutions advanced its work with the industrial sector through strategic engagements focused on accelerating digital innovation and sustainable practices. Beyon Money Business delivered on a seamless, closed-loop payment ecosystem for merchants. Meanwhile, Beyon Connect expanded its regional presence and thought leadership through active participation in the Arab Postal Leaders Forum, reinforcing its commitment to public-private digital transformation. 'With solid progress in both our telecom and digital businesses, and a clear growth roadmap, we remain confident in our ability to execute and lead as we move into the second half of the year.' This press release, along with the full set of financial statements, is available on the Bahrain Bourse website and on Beyon website, -Ends- This press release has been issued by Beyon Corporate Communications & Sustainability Department. For further information, please contact ABOUT BEYON: Beyon is a global technology group, dedicated to bringing technology closer to people and businesses with best-in-class connectivity and digital solutions. As a group, Beyon is focused on creating a prosperous digital growth portfolio through its subsidiary companies Batelco, Beyon Money, Beyon Cyber, Beyon Solutions, and Beyon Connect. Beyon also supports a successful group of international investments, subsidiaries and affiliates in several locations including Jordan, Saudi Arabia, Yemen, Egypt, the Maldives, The Channel Islands, Isle of Man, Diego Garcia, St. Helena, Ascension Island, and the Falkland Islands. Beyon is a listed entity on the Bahrain Bourse, for more information visit
Biz Bahrain
01-05-2025
- Business
- Biz Bahrain
Beyon Announces Q1 2025 Financial Results
Beyon BSC (Ticker: BEYON), today announced its financial results for the first quarter of 2025. Beyon reported net profit attributable to equity holders of BD18.1M (US$48.0M) for Q1 2025, a 4% decrease from BD18.8M (US$49.9M) reported for the corresponding quarter of 2024. The YoY decline in net profit attributable to equity holders is mainly due to additional taxes from the application of Domestic Minimum Top-Taxes ('DMTT'), effective 1 January 2025, and acquisition charges associated with the acquisitions completed in 2024. Earnings per share (EPS) are 10.9 fils for the first quarter of 2025, compared to 11.4 fils in Q1 2024. Total comprehensive income attributable to equity holders in Q1 2025 was reported at BD11.8M (US$31.3M), a 70% decrease from BD39.7M (US$105.3M) in the first quarter of 2024, mainly due to investment fair value changes. Operating profit in Q1 2025 of BD26.0M (US$69.0M) is 4% lower than BD27.0M (US$71.6M) reported in Q1 2024. EBITDA stands at BD45.4M (US$120.4M) in Q1 2025 compared to BD44.1M (US$117.0M) in Q1 2024, an increase of 3%. The company maintained a healthy EBITDA margin of 39% in Q1 2025. Revenues for the first quarter of 2025 increased by 6% to BD117.6M (US$311.9M) compared to BD110.5M (US$293.1M) in Q1 2024, mainly due to increases in digital, wholesale, mobile and fixed broadband services. Beyon's balance sheet remains strong with total equity attributable to equity holders of the company of BD540.9M (US$1,434.7M) as of 31 March 2025, 4% lower than BD564.2M (US$1,496.6M) reported as of 31 December 2024. Total assets of BD1,255.4M (US$3,330.0M) as of 31 March 2025 are in line with total assets of BD1,256.0M (US$3,331.6M) as of 31 December 2024. Net assets as of 31 March 2025 which stand at BD595.0M (US$1,578.2M) are 4% lower than BD621.8M (US$1,649.3M) reported as of 31 December 2024. The Company reported cash and bank balances of BD138.4M (US$367.1M) as of 31 March 2025. Q1 2025 Q1 2024 Variance BDM US$M BDM US$M % Gross Revenues 117.6 311.9 110.5 293.1 +6 EBITDA 45.4 120.4 44.1 117.0 +3 Operating Profit 26.0 69.0 27.0 71.6 -4 Net Profit attributable to equity holders of the company 18.1 48.0 18.8 49.9 -4 Total Comprehensive income attributable to equity holders of the company 11.8 31.3 39.7 105.3 -70 Customer Base (telecom operations)* 4.5M 4.2 M +7 Contribution to Revenues by International Operations 55% 52% +3 Contribution to EBITDA by International Operations 57% 55% +2 Financial and Operational Highlights *Excludes subscriber numbers from Sabafon, Beyon's associate company in Yemen, and Etihad Atheeb Telecom, Beyon's investment in Saudi Arabia. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa announced the financial results for the first quarter of 2025 following a meeting of the Board of Directors on Wednesday 30th April, at Beyon's Campus, Hamala, Kingdom of Bahrain. 'The first quarter of 2025 was marked by continued top-line growth and momentum across Beyon's digital companies as well as our telecom and connectivity businesses. The performance reflected strong performance in digital services, wholesale, mobile, and fixed broadband. We also recorded a 3% increase in EBITDA and sustained a robust EBITDA margin, demonstrating our operational efficiency and disciplined cost management. With a solid business strategy for the year and promising growth opportunities, we look forward to continuous achievements and success across Beyon's companies.' 'Due to the impact posed by non-operational factors such as the implementation of Domestic Minimum Top-Taxes (DMTT) and acquisition-related charges following our 2024 expansion strategy, net profit saw a minor year-on-year decline. Both of these were anticipated external factors, and Beyon continues to be well-positioned to capture emerging opportunities built on its operational strengths.' Shaikh Abdulla further noted, 'This quarter sees us maintaining a healthy financial position, a strong balance sheet, and a clear strategic direction. Beyon continues to invest in innovation, infrastructure, and international expansion to deliver long-term growth and sustainable returns for our shareholders.' From his end, Beyon CEO Andrew Kvaalseth said, 'The results of the first quarter of 2025 reflect the solid fundamentals of our business and the ongoing execution of our growth strategy. Across our businesses our focus continues to be on delivering innovative solutions and expanding our footprint. On the connectivity front, Batelco deployed the Kingdom's first private 5G network for industrial use, a transformative move for Bahrain's manufacturing sector, and also saw a brand uplift alongside the announcement of 'One Plan' a first of its kind product plan designed to integrate customers' mobile and home connectivity needs all in one single plan.' 'Within our digital companies, Beyon Connect's contribution to eKey 2.0 continues to gain traction across banking, finance, insurance and telecommunications sectors in alignment with our commitment to digital transformation. Beyon Cyber was recognized with three major accolades at the 2025 Cyber Security Excellence Awards, marking their rapid growth, regional market penetration, and innovative in-house developments. Beyon Solutions signed a strategic agreement to deliver cloud services with Oracle Cloud Infrastructure (OCI) Dedicated Region, supported by its comprehensive suite of managed services to support businesses and government entities in the Kingdom of Bahrain.' 'Looking ahead, we remain confident in our trajectory for 2025. With a strong foundation and forward-looking strategy, Beyon is strategically positioned to capitalise on emerging opportunities and continue delivering value for all stakeholders.' This press release, along with the full set of financial statements, is available on the Bahrain Bourse website and on Beyon website, Caption: 1. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa 2. Beyon CEO Andrew Kvaalseth
Zawya
30-04-2025
- Business
- Zawya
Beyon announces Q1 2025 financial results
Manama, Bahrain: Beyon BSC (Ticker: BEYON), today announced its financial results for the first quarter of 2025. Beyon reported net profit attributable to equity holders of BD18.1M (US$48.0M) for Q1 2025, a 4% decrease from BD18.8M (US$49.9M) reported for the corresponding quarter of 2024. The YoY decline in net profit attributable to equity holders is mainly due to additional taxes from the application of Domestic Minimum Top-Taxes ('DMTT'), effective 1 January 2025, and acquisition charges associated with the acquisitions completed in 2024. Earnings per share (EPS) are 10.9 fils for the first quarter of 2025, compared to 11.4 fils in Q1 2024. Total comprehensive income attributable to equity holders in Q1 2025 was reported at BD11.8M (US$31.3M), a 70% decrease from BD39.7M (US$105.3M) in the first quarter of 2024, mainly due to investment fair value changes. Operating profit in Q1 2025 of BD26.0M (US$69.0M) is 4% lower than BD27.0M (US$71.6M) reported in Q1 2024. EBITDA stands at BD45.4M (US$120.4M) in Q1 2025 compared to BD44.1M (US$117.0M) in Q1 2024, an increase of 3%. The company maintained a healthy EBITDA margin of 39% in Q1 2025. Revenues for the first quarter of 2025 increased by 6% to BD117.6M (US$311.9M) compared to BD110.5M (US$293.1M) in Q1 2024, mainly due to increases in digital, wholesale, mobile and fixed broadband services. Beyon's balance sheet remains strong with total equity attributable to equity holders of the company of BD540.9M (US$1,434.7M) as of 31 March 2025, 4% lower than BD564.2M (US$1,496.6M) reported as of 31 December 2024. Total assets of BD1,255.4M (US$3,330.0M) as of 31 March 2025 are in line with total assets of BD1,256.0M (US$3,331.6M) as of 31 December 2024. Net assets as of 31 March 2025 which stand at BD595.0M (US$1,578.2M) are 4% lower than BD621.8M (US$1,649.3M) reported as of 31 December 2024. The Company reported cash and bank balances of BD138.4M (US$367.1M) as of 31 March 2025. Q1 2025 Q1 2024 Variance BDM US$M BDM US$M % Gross Revenues 117.6 311.9 110.5 293.1 +6 EBITDA 45.4 120.4 44.1 117.0 +3 Operating Profit 26.0 69.0 27.0 71.6 -4 Net Profit attributable to equity holders of the company 18.1 48.0 18.8 49.9 -4 Total Comprehensive income attributable to equity holders of the company 11.8 31.3 39.7 105.3 -70 Customer Base (telecom operations)* 4.5M 4.2 M +7 Contribution to Revenues by International Operations 55% 52% +3 Contribution to EBITDA by International Operations 57% 55% +2 Financial and Operational Highlights *Excludes subscriber numbers from Sabafon, Beyon's associate company in Yemen, and Etihad Atheeb Telecom, Beyon's investment in Saudi Arabia. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa announced the financial results for the first quarter of 2025 following a meeting of the Board of Directors on Wednesday 30th April, at Beyon's Campus, Hamala, Kingdom of Bahrain. 'The first quarter of 2025 was marked by continued top-line growth and momentum across Beyon's digital companies as well as our telecom and connectivity businesses. The performance reflected strong performance in digital services, wholesale, mobile, and fixed broadband. We also recorded a 3% increase in EBITDA and sustained a robust EBITDA margin, demonstrating our operational efficiency and disciplined cost management. With a solid business strategy for the year and promising growth opportunities, we look forward to continuous achievements and success across Beyon's companies.' 'Due to the impact posed by non-operational factors such as the implementation of Domestic Minimum Top-Taxes (DMTT) and acquisition-related charges following our 2024 expansion strategy, net profit saw a minor year-on-year decline. Both of these were anticipated external factors, and Beyon continues to be well-positioned to capture emerging opportunities built on its operational strengths.' Shaikh Abdulla further noted, 'This quarter sees us maintaining a healthy financial position, a strong balance sheet, and a clear strategic direction. Beyon continues to invest in innovation, infrastructure, and international expansion to deliver long-term growth and sustainable returns for our shareholders.' From his end, Beyon CEO Andrew Kvaalseth said, 'The results of the first quarter of 2025 reflect the solid fundamentals of our business and the ongoing execution of our growth strategy. Across our businesses our focus continues to be on delivering innovative solutions and expanding our footprint. On the connectivity front, Batelco deployed the Kingdom's first private 5G network for industrial use, a transformative move for Bahrain's manufacturing sector, and also saw a brand uplift alongside the announcement of 'One Plan' a first of its kind product plan designed to integrate customers' mobile and home connectivity needs all in one single plan.' 'Within our digital companies, Beyon Connect's contribution to eKey 2.0 continues to gain traction across banking, finance, insurance and telecommunications sectors in alignment with our commitment to digital transformation. Beyon Cyber was recognized with three major accolades at the 2025 Cyber Security Excellence Awards, marking their rapid growth, regional market penetration, and innovative in-house developments. Beyon Solutions signed a strategic agreement to deliver cloud services with Oracle Cloud Infrastructure (OCI) Dedicated Region, supported by its comprehensive suite of managed services to support businesses and government entities in the Kingdom of Bahrain.' 'Looking ahead, we remain confident in our trajectory for 2025. With a strong foundation and forward-looking strategy, Beyon is strategically positioned to capitalise on emerging opportunities and continue delivering value for all stakeholders.' ABOUT BEYON: Beyon is a global technology group, dedicated to bringing technology closer to people and businesses with best-in-class connectivity and digital solutions. As a group, Beyon is focused on creating a prosperous digital growth portfolio through its subsidiary companies Batelco, Beyon Money, Beyon Cyber, Beyon Solutions, and Beyon Connect. Beyon also supports a successful group of international investments, subsidiaries and affiliates in several locations including Jordan, Saudi Arabia, Yemen, Egypt, the Maldives, The Channel Islands, Isle of Man, Diego Garcia, St. Helena, Ascension Island, and the Falkland Islands.
Bahrain This Week
17-04-2025
- Business
- Bahrain This Week
Beyon Holds Annual General Meeting
Beyon BSC (Ticker: BEYON), held its Annual General Meeting (AGM) today for the twelve-months which ended on 31 December 2024 at the Beyon campus in Hamala, Bahrain. The meeting was attended by Beyon's Chairman, board members, executive management and Beyon's external auditor, KPMG Fakhro. Representatives from Central Bank of Bahrain, the Ministry of Industry & Commerce, Bahrain Bourse and shareholders were also present. During the AGM, shareholders approved the recommendation of the Board of Directors for a full year cash dividend of BD53.9M (US$143.0M), which includes a dividend of 32.5 fils per share. The 2024 interim dividend of 13.5 fils per share was already paid during the second quarter of 2024 with the remaining dividend of 19.0 fils announced during the meeting to be paid on 21 April 2025. Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa commented, 'Beyon's solid performance in 2024 reflects our commitment to delivering value to our shareholders. Our results highlight the success of our digital transformation journey and our commitment to implementing our strategic growth plans, which enable us to generate positive returns on shareholder investment, in line with expectations.' Concluding his remarks, Shaikh Abdulla expressed his gratitude to the shareholders, Board of Directors, executive management, and all team members for their invaluable contributions toward Beyon's success in 2024. During the AGM, Beyon CEO, Andrew Kvaalseth, presented an overview of the key achievements accomplished throughout 2024, highlighting the solid financial performance and operational milestones. The CEO also outlined ambitious strategic growth plans for 2025 with a focus on the development of the company's core business segments in telecommunications, connectivity and digital growth. 'We ended 2024 with strong momentum across the business, delivering growth in our core telecom operations and significant gains across our digital ventures,' said Mr. Kvaalseth. 'Our digital companies are scaling rapidly and establishing meaningful market presence across the region.' Adding, 'Looking ahead, our plans include doubling down on innovation, intelligent digital infrastructure and customer-centric solutions that support consumer experiences in an increasingly connected world.' 'The success of the past year was made possible by the collective efforts of our global teams, and we look forward to building on this success with their support, to ensure another year of growth and significant accomplishments,' Mr. Kvaalseth concluded.
