Zain Group Q2 2023 net profit soars 14 percent to reach KD 57 million

Zain Group Q2 2023 net profit soars 14 percent to reach KD 57 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 Q2 and six months ended June 30, 2023. Zain served 52.7 million customers at the end of the period, a 2 percent increase year-on-year (YoY).

In the second quarter of 2023 (Q2), Zain Group generated consolidated revenue of KD 461 million ($1.5 billion), up 10 percent YoY. EBITDA for the quarter reached KD 182 million ($594 million), up 10 percent YoY, reflecting an EBITDA margin of 40 percent. Net income for the quarter amounted to KD 57 million ($187 million), up 14 percent YoY, reflecting earnings per share of 13 fils ($0.04).

For the first six months of 2023 (H1), Zain Group generated consolidated revenue of KD 930 million ($3.03 billion), an increase of 12 percent YoY. EBITDA for the period reached KD 348 million ($1.1 billion), up 9 percent YoY, reflecting an EBITDA margin of 37 percent. Net income for the first six months amounted to KD 112 million ($364 million), up 14 percent YoY, reflecting earnings per share of 26 fils ($0.08).

Key Operational Notes for H1′ 2023

1. For the 3rd consecutive