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Zain Group announces improved revenues for the first nine months of 2010

14 Oct 2010

Kuwait-based telecoms group Zain has reported consolidated revenues of KWD1.01 billion (USD3.5 billion) for the nine months ended 30 September 2010. This figure represents an increase of 8.4% compared to the same period one year earlier, on a pro forma basis. During the same period Zain reports that net income increased 411%, to reach KWD976 million. However, this figure is inclusive of the capital gain of KWD770.3 million from the sale of its Zain Africa assets to Bharti Airtel on 8 June 2010. The company’s consolidated EBITDA reached KWD448 million.

In operational terms, Zain reports that customers across its network have increased by 25%, to reach 35.3 million. Although no operational breakdown has been provided, the company highlighted Iraq as its largest operation by customers. It now serves 11.8 million people and generated revenues of USD1.1 billion in the nine-month period ending 30 September 2010. The firm’s Iraqi network is currently being expanded to cover the Northern region of Kurdistan, and is expected to be commercially operational by the first quarter of 2011. Also of note is the group’s Sudan operation, which recently signed up its ten millionth customer. Zain claims to be the market leader by subscribers in five of its seven Middle East operations.

Asaad Al-Banwan, Chairman of Zain’s Board of Directors commented: ‘In this new era of focus on our Middle East operations, we are extremely pleased with the robust 25% customer growth and 8.4% revenue increase, both of which are in line with our targets for the period. Several of our key markets are performing extremely well on many levels and are now reaping the rewards of the substantial network investments the company has made over the years. The best is yet to come for many financial indicators for the Group as a whole, as we diligently strive to maximise shareholder value’.

Kuwait, Zain Group

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