Zain Group’s net profit for nine months ended September 2021 grows 5% to reach USD 450 million

Zain Group’s net profit for nine months ended September 2021 grows 5% to reach USD 450 million

Zain Group, the leading telecom innovator in seven markets across the Middle East and Africa, announces its consolidated financial results for the third-quarter (Q3) and nine-month periods (9M) ended September 30, 2021. The company ended the period with a stable customer base of 48.4 million customers. For 9M 2021, Zain Group generated consolidated revenue of KD 1.1 billion (USD 3.8 billion), down 3% year-on-year (Y-o-Y), while consolidated EBITDA for the period reached KD 478 million (USD 1.6 billion), down 3% Y-o-Y, still reflecting a healthy EBITDA margin of 42%. Efficiency and optimization initiatives resulted in consolidated net income increasing 5% Y-o-Y, amounting to KD 135 million (USD 450 million). Earnings per share amounted to 31 fils (USD 0.10) for the nine-month period. The increase in 9M consolidated net income is attributable mainly to the impressive revenue performance of the majority of Group operations, except primarily for Zain Iraq, which had its profitability impacted by the currency devaluation in the country. Moreover, Group net income increased on account of successful cost optimization initiatives and loan restructuring across operations and the Group, which resulted in significant savings in financing costs. For 9M 2021, foreign currency translation was impacted mainly due to the