Kuwait’s Zain second quarter net profit slides 28% as coronavirus bites – The National

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