Zain KSA’s profits leap 130.5% in 2023; dividends proposed

Zain KSA’s profits leap 130.5% in 2023; dividends proposed

Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) posted an annual hike of 130.36% in net profit to SAR 1.26 billion as of 31 December 2023, compared to SAR 550 million.

Earnings per share (EPS) enlarged to SAR 1.41 last year from SAR 0.61 in 2022, according to a bourse statement.

Zain KSA achieved the highest revenues in its history, amounting to SAR 9.88 billion in 2023, compared to SAR 9.07 billion a year earlier.

The 8.90% increase was due to the growth in business-to-business (B2B), 5G, digital products, wholesale, and Tamam.

Dividends

The board members of Zain KSA recommended, on 28 February, cash dividends worth SAR 449.36 million, accounting for 5% of the company’s capital, for 2023.

A dividend of SAR 0.50 per share will be granted to 898.72 million eligible shareholders.

Eligibility and distribution dates will be announced at a later time after obtaining the approval of the general assembly.

In the first nine months (9M) of 2023, the listed group recorded 224.75% year-on-year (YoY) higher net profits after Zakat and tax at SAR 971 million, versus SAR 299 million.

Zain KSA’s profits leap 130.5% in 2023; dividends proposed