Zain Group’s 9-month net profit soars 12% to $497mln

Zain Group’s 9-month net profit soars 12% to $497mln

Zain Group, a leading telecom provider in seven markets across the Middle East and Africa, has announced a consolidated revenue or KD1.3 billion ($4.2 billion) for the nine-month period (9M) ended September 30, 2022, up 12% year-on-year (Y-o-Y).

The company added 3.5 million active subscribers to serve a total of 52 million customers, a 7% year-on-year (Y-o-Y) growth.

The 9-month EBITDA was KD491 million ($1.6 billion) with EBITDA margin of 39%.

Net income totalled KD152 million ($497 million) for the nine months, while EPS was 35 fils ($0.11).

In Q3 2022, Zain Group generated consolidated revenue of KD441 million ($1.4 billion), up an impressive 15% Y-o-Y. EBITDA for the quarter reached KD171 million ($555 million), an increase of 2% Y-o-Y, reflecting a 39% EBITDA margin.

Net income for the three months amounted to KD54 million ($176 million), a 10% increase Y-o-Y. Earnings per share for Q3’22 amounted to 13 fils ($0.04).

The significant increase in 9M consolidated net income is mainly due to the impressive performance of operations, particularly Kuwait, Saudi Arabia and Sudan.

The subsiding of the pandemic and increased economic activity across all markets combined with appealing consumer digital service offerings centered around streaming and gaming, had a positive effect on the results. Furthermore, lucrative