Zain Group posted KD 47 million (USD 153.8 million) worth of net profits in Q1 2022 vis a vis KD 45 million (USD 147.3 million) during the same period in 2021, at a rate of 11 fils per stock.
The group said in a statement that it consolidated KD 408 million (USD 1.3 billion) worth of revenues for the Q1 2022, up 7% year-on-year (Y-o-Y). EBITDA for the quarter reached KD 154 million (USD 507 million), down 3% Y-o-Y, reflecting an EBITDA margin of 38%.
(EBITDA stands for earnings before interest, taxes, depreciation and amortization.) Net income for the quarter reached KD 47 million (USD 156 million), up 6% Y-o-Y reflecting an earning per share of 11 fils (USD 0.04).
Commenting on the Q1 2022 results, Chairman of the Board of Directors of Zain Group, Ahmed Al Tahous said, “Our future-ready approach to invest heavily in 5G technology and 4G network expansion across all markets in recent years is paying off, evident by the 2.3 million additional customers and resulting revenue growth during the first quarter.
“The Board is working closely with executive management in seeking new lucrative opportunities and we are well primed to exploit the next phase of growth in the telecommunications sector to drive shareholder value.”
Source: Kuwait News Agency