Kuwait-based cellco Zain Group has reported revenues of KWD672.6 million (USD2.33 billion) for the six months ended 30 June 2010, an increase of 10% compared to the same period one year earlier. Net income increased 488% to USD3.08 billion, which includes a capital gain of USD2.65 billion from the sale of the company’s African arm, Zain Africa, on 8 June 2010. The company’s consolidated EBITDA reached USD995 million, with EBIT reaching USD716 million. Zain Group now serves 34.2 million customers, an increase of 28% year-on-year.
Mr Asaad Al Banwan, Chairman of the Board of Directors of Zain commented: ‘Despite the challenging global economic conditions and the competitive markets in which we operate, we are extremely pleased with the 10% revenue increase which is in line with our expectations, as well as the record profit that is the largest in the company’s history. With the sale of the Zain Africa assets now concluded, coupled with a healthy cash balance and reduced debt levels, the company is now well positioned to focus on, and further grow its profitable Middle East operations. Better things are yet to come as we diligently strive to maximise shareholders’ value in this new era.’