Zain Group Q2 net soars 22%, declares interim dividend | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Zain Group Q2 net soars 22%, declares interim dividend | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Zain Group, a leading telecommunications innovator, yesterday announced its 2022 quarterly and half-yearly financial results, reporting a surge in net profits helped by higher revenues across all revenue streams. The company also declared a 2nd consecutive interim dividend of 10 fils per share for the first six months of 2022. Zain served 51.7 million customers at the end of the period, a 7.1% increase year-on-year (Y-o-Y). “The 5G network of our flagship operation in Kuwait is the driving force of the 9% increase in customers and generation of multiple streams of profitable government and enterprise revenue, resulting in an 11% increase for all key financial indicators - revenue, EBITDA and net income,” said Bader Al-Kharafi, Zain Vice-Chairman and Group CEO. “Similarly, the 5G network and appealing data monetization initiatives in both Saudi Arabia and Bahrain are driving growth on multiple levels. In Iraq, Jordan and Sudan, the operations are monetizing their 4G networks profitably and we look forward to launching 5G services in those markets in the future, upon receipt of regulatory approvals.” Quarterly consolidated revenue was KD 421 million (USD 1.4 billion), up 14% Y-o-Y. EBITDA for the quarter reached KD 166 m (USD 544 m), up 9% Y-o-Y,