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SAR 380 million net profit over the first nine months of 2019 Zain Saudi Arabia realizes positive financial results for 5th consecutive quarter

Saturday 26 October 2019

SAR 380 million net profit over the first nine months of 2019 Zain Saudi Arabia realizes positive financial results for 5th consecutive quarter

Zain KSA achieved net profit of SAR 380 million over the first nine months of 2019 compared to a net loss of SAR 67 million during the same period of the previous year. The company continues to demonstrate exceptional financial performance and achievements aiming to improve its competitiveness, expand its subscriber base, and enhance its market share.

Zain KSA’s revenues for the third quarter of 2019 stood at SAR 2,008 million, up by 2.86% from SAR 1,952 million in the same quarter of 2018.


The company has recorded net profit for the fifth consecutive quarter, with SAR 121 million in Q3 2019 alone compared to SAR 48 million in the corresponding quarter of the previous year. Adding to the series of financial successes witnessed by the company since the beginning of this year.

The company recorded a 12.29% overall revenue growth over the first nine months with SAR 6,158 million compared to SAR 5,484 million in the same period last year. Zain KSA improved its earnings before interest, taxes, depreciation, and amortization (EBITDA) during Q3, which reached SAR 949 million representing 47% of revenue, compared to SAR 728 million, or 37% of revenue, during the same quarter of last year.


Commenting on the results, Zain KSA’s Chairman Prince Nayef bin Sultan bin Mohammed bin Saud Al-Kabeer said, “the financial results achieved during the third quarter of this year have reinforced the positive financial performance the company has witnessed since the beginning of the year, which clearly demonstrates the success of its strategy and vision.” He added, “Zain KSA is making every possible effort to maintain the Kingdom’s telecommunications sector growth by providing innovative services and products that contribute to the realization of Saudi Vision 2030 and the transformation to a diversified knowledge-based economy."


Zain KSA’s CEO Sultan bin Abdulaziz Al-Deghaither said, “the company's success in maintaining growth in its results and operations was a direct result of a revenue growth of SAR 56 million resulting from increased demand for its products and services. He also attributed the results to a reduction of the annual commercial services from the Communications and Information Technology Commission (CITC) from 15% to 10%.”


Al-Deghaither expressed optimism about the persistence of this upward trend in Zain KSA’s financial results, supported by the company's continued investment in new services and technologies, the last being the commercial roll-out of the 5G network services. During its first phase, the 5G services will be available in 23 cities across the Kingdom through 2200 towers, the 3rd largest coverage in the world and the first in the Middle East, Europe, and Africa. By the end of the year, Zain KSA will have extended its 5G services to 26 cities through 2600 towers in Kingdom.


He added, "Zain KSA will also rely on 5G technology to enhance IoT and digital payment services in the near future. This reflects the company's commitment to encourage innovation and stimulate the development of new sectors in the Kingdom, which will pave the way to a new era of economic growth and create job opportunities for Saudi youth.”