Zain Revenue Remain stable at $270m for H1 2017

Zain Revenue Remain stable at $270m for H1 2017

Zain, a leading telecommunication provider noted a stable net income for the first six months of 2017 that is KD82 million ($270 million). According to the company, it served 45.2 million customers in the same period. Zain Revenue Remain stable at $270m for H1 2017

Zain Group calculated a combined revenue of KD508 million ($1.67 billion) down 8 per cent year-on-year (Y-o-Y) in KD terms for H1 2017. Additionally, In the same period, the earnings per share reached at $0.07.
According to the Zain, currency devaluation in Sudan cost the company $305 million in revenue, $131 million in EBITDA and $58 million in net income. Furthermore, Without this currency translation impact, Y-o-Y revenues and net income would have increases by 8 per cent and 21 per cent respectively for H1, 2017.

Zain Revenue Remain stable at $270m for H1 2017

Zain Group chairman Mohannad Al-Kharafi said:

The performance in the first half has been satisfactory giving the various operational challenges we face across our footprint. It is our focus on innovation and customer service. It allows us to consistently deliver strong operational results and maintain our leadership position in the majority of our markets. The Board is working closely with management to continually evaluate new business and value-creating opportunities.

Zain Group noted combined revenues of KD261 million ($860 million), down 5 per cent in Q2 2017. While earnings per share reached at 11 fils ($0.04).

Similarly, for Q2 2017, currency devaluation costs the company $157 million in revenue and $25 million in net income. Moreover, excluding currency impact, revenues and net income would have grown by 12 per cent and 15 per cent for Q2, 2017.

Bader Nasser Al-Kharafi, Zain Vice-Chairman and Group CEO, commented,

The first six-months of 2017 produced some defining positive developments such as the progress being achieved through the turnaround program in Saudi Arabia and robust growth in our data monetisation, Enterprise (B2B), and smart city initiatives in several key markets.

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