Zain Group second quarter 2021 net profit grows 17% to reach

Zain Group second quarter 2021 net profit grows 17% to reach

Kuwait City: Zain Group, a leading telecommunications innovator operating in seven markets across the Middle East and Africa, announces its consolidated financial results for the six months to June 30, 2021. Zain served 48.3 million customers at the end of the period, a 1% increase year-on-year (Y-o-Y). For the first six months of 2021 (H1) Zain Group generated consolidated revenue of KD 750 million (USD 2.5 billion), a decrease of 3% Y-o-Y. EBITDA for the period reached KD 310 million (USD 1.03 billion), down 6% Y-o-Y, reflecting an EBITDA margin of 41%. Net income amounted to KD 86 million (USD 285 million), up 5% Y-o-Y, reflecting earnings per share of 20 fils (USD 0.07). For H1 2021, foreign currency translation was impacted mainly due to the currency devaluation in Sudan from 55 in January 2021 to 444 (SDG / USD) end of June 2021, and a 19% currency devaluation in Iraq from an 1,190 to 1,470 (IQD / USD), cost the Group USD 378 million in Revenue and USD 233 million in EBITDA. In the second quarter of 2021 (Q2), Zain Group generated consolidated revenue of KD 369 million (USD 1.2 billion), remaining relatively stable compared to the prior period.