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Zain Group reports 12% net profit growth in 9M22

9 Nov 2022

Kuwait-based telecoms group Zain has published its consolidated financial results for the nine months ended 30 September 2022, reporting a 12% increase in revenues year-on-year to KWD1.3 billion (USD4.2 billion), while EBITDA increased 3% annually to KWD491 million. The company booked a net profit of KWD152 million in the nine months under review, up 12% y-o-y. The company credited the positive results to its operations in Sudan, Saudi Arabia and Kuwait, which booked net profit increases of 140% y-o-y (Zain Sudan), 109% (Zain Saudi) and 5% (Zain Kuwait). Over the nine months to 30 September 2022, Zain CAPEX investments (USD316 million) focused predominantly on fibre-to-the-home (FTTH) infrastructure, spectrum fees, 4G upgrades and 5G rollouts.

In operational terms, Zain Group reported a consolidated subscription base of 52 million at 30 September 2022, an increase of 7% y-o-y. In Kuwait subscriptions increased 12% y-o-y to 2.6 million, while the Saudi Arabian unit reported 8.6 million subscriptions (up 15% y-o-y). Zain Sudan’s subscription base stood at 16.2 million at 30 September, down from 16.4 million in September 2021. Zain Iraq, meanwhile, saw its subscription base increase 12% y-o-y to serve 18.4 million by September 2022, while the subscription base in Jordan reached 3.8 million (up 4% y-o-y).

Bader Nasser Al-Kharafi, Zain Vice-Chairman and Group CEO, commented: ‘This outstanding 9M operational performance is testament to the successful execution of our ‘4Sight’ growth strategy that has firmly financially strengthened the company’s position to fund future opportunities. Our focus on driving efficiencies, synergies and digital transformation across our operations, in tandem with investing in new business verticals and network upgrades, all rooted in sustainability and inclusivity at the core of everything we do, is paying off.’

Kuwait, Zain Group, Zain Iraq, Zain Jordan, Zain Saudi Arabia, Zain Sudan

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