Zain KSA’s ’19 net profits reach a record USD 130 mln

RIYADH Zain Saudi Arabia (Zain KSA) announces on Wednesday record high financial results for all key indicators for the full year ended December 31, 2019 with the operator serving 7.6 million customers.

In a statement, Zain KSA said that these profits are the highest in its history, as by the end of 2019 it generated revenues that reached SAR 8.4 billion (USD 2.24 billion); an 11 percent increase compared to SAR 7.5 billion for 2018 with profit margin of 46 percent.

Zain KSA showed in the statement that the results were because of its transformational plans, operational and commercial procedures, acquisition and building of the larger customer base, effective management of operational costs, development and expansion projects.

Commenting on the positive results, Zain Vice Chairman and Group CEO and Zain Saudi Arabia Vice Chairman Bader Al Kharafi said “Zain KSA’s ever improving financial results are attributed to the team’s implementation of its digital growth strategy, combined with the close cooperation and support of the resources of Zain Group.

“The commercial launch of the Kingdom’s largest 5G network, operational efficiency initiatives, and provision of a great customer mobile experience contributed to the growing of its enterprise and individual customer base,” he added.

Al Kharafi confirmed 2020 will see further expansion of Fiber to the Home (FTTH) and the 5G network to new cities across the Kingdom, supporting Zain KSA’s focus on rolling out higher value B2B services targeting government and enterprise customers as well as individual data monetization initiatives.

Zain KSA launched its commercial 5G network in October 2019, the largest in the Middle East, Europe and Africa, which at the time of rollout was the third largest globally.

Zain KSA and Zain Kuwait launched the first 5G roaming service across the MENA region, with download speeds reaching as high as 500 Mbps for both outbound and inbound roaming.

Furthermore, during 2019, Zain KSA built on its partnership with AliBaba Cloud, the world’s third largest cloud computing entity, through which it launched Zain KSA Cloud.

Zain KSA has also concluded agreements with leading global technology companies to improve and develop the 5G ecosystem and is introducing various innovative digital services covering different aspects of life.

Source: Kuwait News Agency