Kuwait-based telecoms group Zain has published its consolidated financial results for the twelve months ended 31 December 2019, reporting a 26% increase in revenues year-on-year to KWD1.6 billion (USD5.5 billion), while EBITDA increased 40% annually to KWD728 million. Zain attributed the positive developments to the consolidation of Zain Saudi Arabia, offsetting losses of USD140 million in revenues, USD61 million (EBITDA) and USD20 million (net income) due to a 30% currency devaluation in Sudan. The company booked a net profit of KWD217 million in the twelve months under review, up 10% y-o-y, mainly due to growth in net profit at Zain Saudi Arabia (up 46% y-o-y to SAR485 million [USD129 million]) and Zain Iraq (up 28% y-o-y).
In operational terms, Zain Group reported a consolidated customer base of 49.5 million at 31 December 2019, up 1% y-o-y. In Kuwait subscribers increased 1% y-o-y to 2.8 million, while the Saudi Arabian unit served 7.6 million subscribers (down from 8.1 million in Q4 2018). Zain Sudan’s subscriber base stood at 15.9 million at 30 December 2019, up 9% y-o-y. Zain Iraq, meanwhile, saw its customer base decrease 2% y-o-y to serve 15.7 million users at end-December 2019, while the user base in Jordan contracted by 3% to 3.6 million.
Mr. Bader Nasser Al-Kharafi, Zain Vice-Chairman and Group CEO, commented: ‘Our Group financial performance across all operations, especially the robust profit growth in Saudi Arabia, Iraq and Sudan operations, and sound performance by our highly profitable Kuwait operation, tops off an incredible operational year and gives us enormous confidence going into 2020 and beyond. Our 4Sight strategy is taking shape, building on our many strengths while seeking value-creating new business verticals that support our vision of becoming a leading ICT and digital lifestyle provider that makes the world a better place.’