Zain Group Q1 profit rises 6% | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Zain Group Q1 profit rises 6% | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Zain Group yesterday reported a 6% growth in the first-quarter net profit helped by higher revenues and active customer base increases across its footprint. Net income reached KD 47 million (USD 156 m), up 6% Y-o-Y reflecting an Earnings Per Share of 11 Fils (USD 0.04). Across its footprint, Zain increased its active customer base by 2.3 m to serve 50.9 m. Kuwait, Saudi Arabia and Bahrain witness impressive growth in 5G customers, Zain said. Consolidated revenue rose 7% to KD 408 m (USD 1.3 billion) on a year-on-year (Y-o-Y) basis. Consolidated data revenue reached USD 536 m, representing 40% of the Group’s overall revenue. Region-wise, Zain Bahrain generated revenue of USD 46 m, an increase of 4% for Q1 2022. EBITDA increased 3% reaching USD 15 m, reflecting an EBITDA margin of 33%. Net income increased 3% to USD 4.2 mn, with data revenue growing 6% to represent 45% of total revenue. END EBITDA for the quarter reached KD 154 m (USD 507 m), down 3% Y-o-Y, reflecting an EBITDA margin of 38%. For Q1 2022, foreign currency translation was impacted mainly due to the currency devaluation in Sudan from an average of 271 (SDG / USD) during Q1