Kuwait Business: Zain registers $616m net profit for 2021; revenue hits $1.3bn – Gulf Digital News

Kuwait Business: Zain registers $616m net profit for 2021; revenue hits $1.3bn – Gulf Digital News

Zain Group, a leading telecom innovator in seven markets across the Middle East and Africa, ended 2021 strongly with a net profit of KD186 million ($616 million) along with a customer base of 48.9 million and KD382 million ($1.3 billion) in revenue.

Announcing its consolidated financial results for the full-year 2021, Zain said it had generated consolidated revenue of KD1.5 billion ($5 billion), a year-on-year (Y-o-Y) decrease of 5%. 

Consolidated ebitda for the period declined by 5% Y-o-Y, to reach KD628 million ($2.1 billion), reflecting an ebitda margin of 41%. 

Consolidated net income reached KD186 million ($616 million), up 2% Y-o-Y and reflecting earnings per share of 43 Fils ($0.14). 

For the full-year 2021, currency devaluations in Sudan from 55 in January 2021 to 436 (SDG/USD) end of December 2021; in South Sudan from 175 in January 2021 to 426 (SSP/USD); and a 19% currency devaluation in Iraq from 1,190 to 1,470 (IQD/USD) resulted in a foreign currency translation impact of $962 million in revenue and $479 million in ebitda. 

The Group ended the year with a customer base of 48.9 million, an annual increase of 2.4%, reflecting an addition of 1.2 million customers.

Impressed with the results,