Zain posts $147 m Q1 profit | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Zain posts $147 m Q1 profit | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

Zain Group yesterday reported a profit for the first quarter, which the company said was impacted by the widespread disruption in economic and social activity caused by COVID-19, which was further complicated by “the recent and significant currency devaluations in Iraq and Sudan. Zain, which served 48.5 million customers at the end of the period, said the impact of the pandemic on the business was minimal during Q1 ‘2020, given its early stage of spread at the time, “however in Q1 2021 the impact was more profound.” The Group, a leading mobile innovator with operations in seven markets across the Middle East and Africa, generated consolidated Revenue of KD 382 million (USD 1.3 bn) in Q1, down 6% year-on-year (Y-o-Y). In Bahrain, Zain generated revenue of USD 44 million for Q1 2021. EBITDA for the period amounted to USD 14 m, reflecting an EBITDA margin of 33%. Net income amounted to USD 4 m, with Data revenue growing 4% to represent 45% of total revenue. The Group’s net income reached KD 45 m (USD 147 m), down 5% Y-o-Y reflecting an Earnings Per Share of 10 Fils (USD 0.03). Net income grew operationally by 4% Y-o-Y when excluding the one-time