Zain-KSA posts 152 pct rise in 3Q profits

RIYADH, Saudi Arabia Zain Mobile Telecom Company posted Thursday a record 152 percent surge in profits in third quarter of 2019. The company reported net profit of SAR 121 million (USD 32.26 million) in Q3 2019 compared to a net profit of SAR 48 million (USD 12.8 million) in Q3 2018 with an increase of 152 percent, Zain announced in its interim financial results report published today on the website of the Saudi Stock Exchange (Tadawul).

It also recorded the highest first nine-month revenue in its history where it reached SAR 6,158 million (roughly 1,642 million) compared with SAR 5,484 million (USD 1,462) for the first nine-month of 2018. This 12.3 percent increase amounting SAR 674 million (approximately USD 180 million) reflects the increasing demand for the companies’ products and services.

The earnings before interests and taxes (EBIT) has improved as well to reach SAR 376 million (USD 100.24 million) compared to SAR 268 million (USD 71.45 million) for the same quarter of the previous year, up 40.3 percent.

The company also posted a net profit of SAR 380 million (USD 101.3 million) in the first nine-month of 2019 compared to a net loss of SAR 67 million (USD 17.86 million) in the same period of 2018.

Source: Kuwait News Agency