Zain Bahrain has announced its financial results for the twelve months ended 31 December 2014, generating revenues of BHD71.8 million (USD189.3 million), a decrease of 8.1% on an annualised basis. EBITDA amounted to BHD27.0 million, a 7.8% decline year-on-year from BHD29.3 million, while Zain’s net income slumped to BHD4.1 million, representing a 24% drop. Zain’s net income was impacted by a number of one-off expenses associated with its initial public offering (IPO) in September, including an ‘exceptional penalty’ of BHD543,000. In operational terms, Zain’s total customer base increased to 788,000 at end-2014, up from around 772,000 in the year-ago period.
Chairman Sheikh Ahmed Bin Ali Al Khalifa commented: ‘We attained significant achievements during the course of 2014, one of which was listing on the Bahrain Stock Exchange, from where we believe we can continue to drive value for our widened base of shareholders. The environment for telecoms in Bahrain and the region was challenging during the year, though Zain Bahrain successfully leveraged many of its strategic assets in order to record a reasonable performance investing a huge USD100 million in building a new 4G LTE nationwide network.’