Zain Group Q1 2023 net profit soars 15% to reach $177 million

Zain Group Q1 2023 net profit soars 15% to reach $177 million

KUWAIT: Zain Group, a leading provider of innovative technologies and digital lifestyle communications operating in seven markets across the Middle East and Africa, announces its consolidated financial results for the first quarter (Q1) ended March 31, 2023. Over the past 12 months, Zain added 2.2 million active customers, a 4 percent increase to serve 53 million customers.

Zain Group generated consolidated revenue of KD 468 million ($1.53 billion) for Q1 2023, up 15 percent year-on-year (YoY). EBITDA for the quarter reached KD 165 million ($540 million), up 8 percent YoY, reflecting an EBITDA margin of 35 percent. Net income for the quarter reached KD 54 million ($177 million), up 15 percent YoY reflecting an earnings per share of 13 fils ($0.04).

Key operational notes for Q1 2023

Newly-appointed Chairman of the Board of Directors of Zain Group Osamah Al-Furaih said, “It is a distinct honor and privilege to be appointed as Chairman of Zain Group, a company with a proud history of having a positive socio-economic impact on communities across all the countries it has operated in over the years. I want to thank my predecessor, Ahmed Al-Tahous for his contribution and legacy that took Zain to new heights, and I look forward