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Zain KSA sees 219% rise in quarterly net profit

Sunday 17 July 2022

SAR 134 million net profit in Q2 2022

Zain KSA has achieved SAR 134 million in net profit during the second quarter of 2022, a 219% growth compared to the same period of 2021 and an 65% increase compared to the first quarter of 2022. These results reflect uninterrupted positive operational and financial performance marked by a 16% year-over-year growth in revenues during the second quarter of 2022, to SAR 2,206 million. These results are mainly driven by sustained growth in 5G and B2B revenues and higher demand owing to the resumption of Umrah and international travel after the relaxing of COVID-19 restrictions.

This positive financial performance coincides with Zain KSA’s expansion of its portfolio of digital products and solutions aiming to provide the most innovative services and the best customer experience. Zain KSA has reaffirmed its commitment to being the preferred choice for all segments of customers (individuals, businesses, and governments) by pursuing an ambitious vertical expansion plan, especially in the areas of 5G and cloud computing services with their wide range of use cases in AI, VR, AR, and the IoT.

Commenting on the financial results, Eng. Sultan bin Abdulaziz Al-Deghaither, CEO of Zain KSA, said: “The results of the second quarter of this year confirm Zain KSA’s consistent growth on the financial and operational levels. Our innovative 5G products and services have continued to grow in popularity and our integrated portfolio of business support products and services has seen a noticeable surge in demand from government entities, enterprises, and businesses. Demand was also fueled by the resumption of Umrah after the Saudi government, led by the Custodian of the Two Holy Mosques and His Royal Highness the Crown Prince, may God protect them both, succeeded in controlling the COVID-19 pandemic and eased the precautionary measures.”

He then added, "Through our strategic partnerships with global players, we were able to transform the 5G experience in Saudi Arabia. At the same time, we matched our world-class partnerships with the enabling digital infrastructure required to ensure the best results. In this regard, we are connecting the Middle East with the rest of the world through a system of submarine cables J2M (Jeddah, Saudi Arabia to Marseille, France). Jeddah will be the cable landing station for Saudi Arabia’s portion of the PEACE cable system. Our aim is to enhance our capabilities when it comes to international infrastructure while making available to global carriers and enterprises operating in the Kingdom a brand-new entry point in Saudi Arabia for their connectivity requirements in order to serve their communication needs according to the best quality standards.”

Al-Deghaither continued, "In line with the goals of Saudi Vision 2030, we believe at Zain KSA in the importance of investing in human capital development, especially young national talent. This belief led us to earn the "Labor Award" for job localization in the Information and Communications Technology sector from the Ministry of Human Resources and Social Development (HRSD). As part of our continuing efforts in this area, we recently launched the Evolve program, which aims to provide workplace training and skill development to one hundred fresh graduates.

Zain KSA has expanded its Zain Cloud portfolio, showcasing six new services and products during the Saudi International Ai & Cloud Tech Expo (AiCloud). Zain Cloud had earlier obtained a class (C) rating, the highest cloud computing rating in Saudi Arabia. Zain KSA also earned the Local Content Certificate 2021, reaffirming its commitment to maximizing its local spending, and was recognized as one of Forbes Middle East’s Top 100 Listed Companies 2022.