Kuwait’s Zain second quarter net profit slides 28% as coronavirus bites – The National
- Date: 16-Jul-2020
- Source: The National
- Sector:Financial Markets
- Country:Kuwait
Kuwait’s Zain second quarter net profit slides 28% as coronavirus bites – The National
Telco's revenues dipped 7% to $1.22bn
Zain served 47.6 million customers at the end of the first half of the year, down 3 per cent from the previous year. AFP
July 15, 2020
July 15, 2020
Zain Group, Kuwait's biggest telecom provider, posted a 28 per cent year-on-year decrease in second quarter net profit as the Covid-19 pandemic disrupted its overall business.
Consolidated net profit decreased to $117 million (Dh429.4m) in three months to June 30, the company said on Wednesday. Revenue in the period dropped 7 per cent year-on-year to $1.22 billion from the year earlier. Zain's second quarter earnings before interest, taxes, depreciation and amortisation (Ebidta) was $533m, down 7 per cent from the previous year.
"The board has been working closely with management in minimising the impact of Covid-19 on the business as well as ensuring the mobile networks are at optimal performance,“ Ahmed Al Tahous, chairman of the board of directors of Zain Group, said.
Lower air time revenues (as key markets provided free airtime), the closure of retail shops and a halting of international business affected