Zain sees 26% rise in first-half sales

28 Jul 2008

The Kuwaiti cellular group Zain has reported revenues of USD3.49 billion for the first six months of 2008, up 26% over the same period last year. Consolidated EBITDA rose 20% to USD1.3 billion while net profits reached USD551.5 million, up 7% year-on-year. The group, which has cellular operations across the Middle East and Africa, had 50.74 million managed active customers at the end of June, with annual growth of 58%. Commenting on the results, Zain CEO Saad Al-Barrak said: ‘We have started to reap the rewards of our recent large investments, particularly in Iraq, Nigeria and Sudan, with these three countries now serving more than half of Zain’s 50 million customers, and we expect similar rewards when our operations in Saudi Arabia and Ghana commence commercial operations.’

Kuwait, Zain Group