Zain Group generates $5.3billion revenues; net profit of $605 million

Zain Group generates $5.3billion revenues; net profit of $605 million

Kuwait: Zain Group has generated $5.3billion revenues and a net profit of $605 million as per the Group“s consolidated financial results for the full-year 2020, and the fourth quarter ending on December 31 , 2020. The Group ended the year with a customer base of 47.8 million.

For the full-year 2020, Zain Group generated consolidated revenue of KD 1.63 billion (USD 5.3 billion), reflecting a 2% Year-on-Year (Y-o-Y) decrease, while consolidated EBITDA for the period declined by 8% Y-o-Y, to reach KD 673 million (USD 2.2 billion), reflecting a healthy EBITDA margin of 41%. Consolidated net income reached KD 185 million (USD 605 million), down 15% and reflecting Earnings per Share of 43 Fils (USD 0.14).

For the full-year, foreign currency translation impact, mainly due to the 16% currency devaluation in Sudan from an average of 45.6 to 54.4 (SDG / USD), cost the Group USD 110 million in Revenue, USD 50 million in EBITDA and USD 16 million in Net Income.

The Board of Directors of Zain Group recommended a cash dividend of 33 fils per share for 2020, adhering to the Group's commitment made last year of a minimum 33 fils dividend for 3 years. This is subject