Zain KSA Net Profit soars 234% to reachSAR 285 million in Q3 2023

This news has been read 821 times!

Riyadh, Nov 8: Zain’s operation in Saudi Arabia (KSA) achieved its highest quarterly revenues, exceeding SAR 2.5 billion (USD 673 million) in Q3 2023 ending 30 September 2023, a notable 10% increase compared to the SAR 2.3 billion generated in Q3 2022. The operator also recorded SAR 285 million (USD 76 million) in Net Profit, a massive increase of 234% compared to the corresponding period in 2022.

The company’s strong financial performance also reflected the gains achieved by the tower infrastructure sale and leaseback deal that generated net gains totalling SAR 139 million (USD 37 million) during the quarter, as part of the total financial impact that the company expects to reach SAR 1.1 billion (USD 293 million) over the 18-month period of the tower ownership transfer.

Sustained business growth across all sectors has fuelled Zain KSA’s robust Q3 profit growth, which is particularly evident in the enterprise sector with strong demand for cutting-edge services and solutions such as cloud computing, the Internet of Things (IoT), and artificial intelligence. Beyond the growth in 5G revenue, Zain KSA has also witnessed a steady uptick in its consumer services and a surge in demand for Yaqoot digital services and micro-finance solutions offered through Tamam, its fintech arm.

Commenting on the financial results, Zain Vice Chairman & Zain Group CEO and Zain KSA Vice-Chairman, Bader Al-Kharafi, said, “This all-time high revenue and impressive net profit growth accomplishment in Q3 2023 underscore the effectiveness of the Zain Group and Zain KSA teams’ joint efforts in driving operational and financial strategies, which are firmly grounded in innovation and strategic investments. Management’s focus remains on maximizing our impact across technology, economy, and society, particularly by enhancing our robust 5G services ecosystem within the community and enterprise sector.”

Numerous milestones cemented the operation’s position as a champion of digital transformation across the Kingdom. These include the launch of the world’s first zero-emission 5G network in partnership with Red Sea Global and the commitment to localizing the business sector, strengthened through strategic collaborations, including a significant partnership with Pioneers Systems, a leading organization specializing in electronic circuit design and manufacturing. Zain KSA aims to localize cutting-edge IoT products and expertise.

The operation remains steadfast in its commitment to being genuine catalysts for Saudi Arabia’s nationwide digital transformation, fully aligned with the goals of Saudi Vision 2030, which aims to empower an ambitious nation, cultivate a thriving economy, and foster a vibrant society. Moreover, the operator will continue to meet the ever-growing demand for advanced services and solutions by seamlessly integrating innovation, sustainability, and investment, aspiring to deliver exceptional digital experiences across the telecommunications, fintech, digital entertainment, and cloud computing sectors.

Zain KSA has been recognized for its commitment to environmental sustainability, social responsibility, and corporate governance with an upgraded rating of ‘A’ in the MSCI ESG Index.This achievement underscores the company’s unwavering dedication to integrating these principles into its operational, financial, and administrative processes. Establishing clear performance indicators to track and measure progress, Zain KSA has instilled a culture of sustainability and responsibility across all levels of the organization.

This news has been read 821 times!