Zain Group has displayed combined net income of KD86.4 million ($287 million) during the first half of 2018. Zain Group H1 Net Profit Increases 5 Percent
According to the report, the company is marking 5 per cent year-on-year (Y-o-Y) growth. Zain attended 47.4 million customers at the end of the six months ending June 30. The company’s consolidated revenues remained stable at KD503 million ($1.67 billion). The Group’s consolidated EBITDA for the period reached KD169 million that shows a decline of 20 per cent.
Zain Group recorded consolidated revenues of KD244 million ($811 million) in second quarter of 2018 (Q2). EBITDA for the quarter reached KD85 million ($282 million). Net income for the quarter amounted to KD46 million up 3 per cent Y-o-Y in KD terms.
Zain Group H1 Net Profit Increases 5 Percent
Ahmed Al Tahous, chairman of Zain Group, said:
The company’s performance in the first half of the year has been pleasing given the numerous operational and forex challenges we face in several key markets. The Board is working closely with management in implementing wide-ranging programs to improve operational efficiency and cost optimization, to consistently deliver strong operational results.”
He further added that:
We are also focused on maintaining our leadership position in most of our markets and future-proofing the business by seeking new value-creating opportunities as well as maximizing our state of the art networks by offering innovative digital services.
Bader Nasser Al-Kharafi, Zain vice-chairman and Group CEO said:
In addition to the consolidated 5 per cent net income growth and 5 per cent customer growth, the first six-months of 2018 produced numerous positive developments such as the operational progress being achieved in Kuwait. Iraq and Sudan as well as the robust growth in our data monetization, Enterprise (B2B), and smart city initiatives especially in our key 4G markets of Kuwait, Saudi Arabia, Bahrain and Jordan.
He further added that:
Despite the sound operational progress and transformation we have undertaken across all our markets.
Our strategic transformation into a digital lifestyle operator continues to make headway and it is pleasing to report data revenue growth of 10 per cent, which now represents 27 per cent of our total revenues. We will continue fostering new value accretive areas to unlock the many lucrative opportunities that exist in the digital arena, in a bid to drive the business forward. We expect continued growth in all facets of our operations in the second half of the year.
He further said:
The impact of this consolidation will strengthen the Group’s financial indicators on various levels, except for the net income. Zain Bahrain generated revenues of $87 million for the first six months of 2018. Net income amounted to $6 million, reflecting a 60 per cent increase Y-o-Y. Data revenues (excluding SMS & VAS) represent 45 per cent of overall revenues.