18 Dhu al-Qi'dah 1445 - 26 May 2024
    
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Eye of Riyadh
Business & Money | Sunday 12 May, 2024 9:58 am |
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Zain KSA reports revenue of SAR 2.5 billion in Q1 2024

Zain KSA announced the financial results for the first quarter of 2024, with revenue of SAR 2.5 billion, an increase of 4.7% compared to the same period in 2023. Zain KSA reported a net profit of SAR 67 million compared to SAR 1.1 billion in the first quarter of last year. The decline resulted from the company realizing the gains achieved by the tower infrastructure sale and leaseback deal during the first quarter of 2023. There has been a reclassification of the financial statements for the first quarter of 2023, with the company returning to its standard earnings curve based on its business operations. Zain KSA’s net profit before Zakat amounted to SAR 79 million, compared to SAR 24 million in the first quarter of 2023, after excluding the gains from the towers deal which led to an increase of SAR 55 million.

 

These results demonstrate stability in operational performance with sustained growth across all aspects of the company’s business, particularly the 5G portfolio of services and solutions. Zain KSA’s 5G services and solutions continued to see high demand from the enterprise sector in the first quarter of the year, alongside a growth in fintech operations through “Tamam”.

 

Eng. Sultan bin Abdulaziz Al-Deghaither, Zain KSA CEO, stated: “Our financial results for the first quarter of the year reflect a growth in Zain KSA’s positive operational and organizational performance. This growth in operational income and profit follows the conclusion of the tower infrastructure sale and leaseback deal reflecting our solid operational and financial strategy centered around innovation and investment that is channeled toward maximizing our social and economic impact. We focus on enhancing our 5G ecosystem, particularly for the enterprise sector. Meanwhile, we continue to enhance our operational and financial efficiency, focusing on the sustainability of innovation and creating value for our clients, partners, and the Kingdom of Saudi Arabia. Our goal is to enable the nationwide digital transformation in line with Saudi Vision 2030’s goals, contributing to an ambitious nation, a thriving economy, and a vibrant society. We will continue to keep pace with the rapid growth in demand for our cutting-edge services and solutions by individuals and the business sector, providing the best digital experiences in telecom, fintech, digital entertainment, and cloud computing.”

 

Al-Deghaither added: “This year we inked several agreements as part of our ongoing plan to enhance the operational efficiency of our 5G network. We continued to invest in the latest technologies, notably AI. We have also entered strategic alliances to cultivate a national talent pool capable of leading Saudi Arabia’s transition toward a new digital era and fostering sustainable innovation.”

 

Worth noting that Zain KSA has been ranked as one of the top 50 Saudi brands in social responsibility by Forbes and Saudi CSR. It was also ranked as the 13th most valuable Saudi brand by Brand Finance.

 

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