Zain KSA announced its financial results for 2024, reporting an all-time high revenue of SAR 10.4 billion, compared to SAR 9.9 billion in 2023, a 5% growth. Profit stood at SAR596 million, compared to SAR1.267 billion in 2023, which also included SAR1.1 billion gained from the tower infrastructure sales transaction. Profit before interest, tax, depreciation, and amortization (EBITDA) costs reached SAR3.3 billion, a 12% growth. 

With the sustained upward financial and operational performance, Zain KSA’s Board of Directors recommended distributing cash dividends to shareholders for 2024 at a rate of 5% of nominal share value.

The financial results highlight Zain KSA’s operational strategy, focusing on providing the best user experience for individuals and businesses over a powerful 5G network – one of the most advanced in the region – positioning Zain KSA as the digital provider of choice in Saudi Arabia. B2C and B2B revenue continued to grow during the year, with sustained demand for the ‘Yaqoot’ all-digital service and a high ROI in adjacent markets, specifically fintech through ‘Tamam Finance.’

Commenting on these results, His Highness Prince Naif bin Sultan bin Mohammed bin Saud Al-Kabeer, Chairman of Zain KSA’s board, stated: “We are shaping the future of technology in the Kingdom through our commitment to leveraging innovation to elevate the Kingdom’s position globally and support Saudi Vision 2030’s goals of nationwide digital transformation and economic diversification. At the forefront of these efforts is our unwavering adherence to sustainability - a fundamental pillar for enhancing the quality of life in the Kingdom, supporting its vibrant community, and underpinning its great ambition.”

HH added: “The 2024 financial results build on the previous achievements and Zain KSA’s strong financial and operational performance, where we focused on innovation, development, and investing in local talent. In 2024, we enhanced our efforts in the field of collaborative development through human-centric initiatives, going beyond business and technology. We are proud of our contributions to enhancing the digital experience for pilgrims, covering the holy sites with an expansive 5G network. Also, as one of the 22 national companies selected for their leading ESG practices within the ‘Sustainability Champions’ initiative of the Ministry of Economy and Planning, we supported the sustainable transformation of three ICT companies. And, for the third consecutive year, we are proud to announce the Board’s recommendation to distribute dividends to the company’s shareholders. We are grateful, and we appreciate the efforts of the Zain KSA family - employees and executive management – and their shared vision of maximizing and sustaining value for our shareholders.”

Acting CEO, Eng. Saad bin Abdulrahman Al-Sadhan said: “Zain KSA’s performance over the past few years draws a clear course of our strategy, which has resulted in stability at the levels of financial and administrative practice as well as a continued upward operational performance. The 2024 results reflect this path, marked by innovation and technology leadership and a commitment to providing excellent user experiences backed by the most advanced 5G infrastructure in the region. Throughout the year, we ensured more sustainable innovation, seeking long-term impact and driving our Kingdom’s efforts toward an inclusive digital transformation that enhances its global position at all levels. In addition to positive financial performance for the company and our shareholders, our goal is to unlock new pathways for innovation and development.

We initiated an investment of SAR 1.6 billion in expanding our infrastructure and 5G network, and we were honored to become the first operator to provide full 5G coverage across the holy sites through all our towers. We also enhanced our portfolio of global strategic partnerships to grow and advance our 5G and cloud computing services and scale up the user experience. 

We also intensified our efforts to empower a digital society, developing human capabilities and empowering national talent. These achievements have strengthened our position as a digital ecosystem rooted in an integrated institutional framework, a foundation established by our visionary late CEO Eng. Sultan bin Abdulaziz AlDeghaither. Despite the deep impact of his passing, the enduring legacy he left behind has enabled Zain KSA to navigate the adversity with no damage and maintain our course.”

In 2024, Zain KSA made waves in the local and regional technology landscape, earning several awards and recognitions. It received the Ghazi Al Gosaibi Award for the Best Work Environment for Women and the Corporate Social Responsibility Award (Gold) from the Ministry of Human Resources and Social Development, and ranked among the top 50 Saudi brands in social responsibility.