Zain Group Q2 2024 normalized net income growth soars 55% to reach KD 52 million (USD 170 million), Board declares interim dividend of 10 fils per share

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

- Strong performance by all major operations saw Q2 2024 Group net profit soar 79% vs. Q1 2024

- Q2 2024 revenue grew 4% YoY reaching KD 479m (USD 1.6 billion)

- Compared to Q1-24, Zain customer base soared 13% during Q2 2024 to reach 47.8 million

- Zain Group received cash dividend of USD 44 million from Zain KSA

- Mourning the unfortunate passing of Zain KSA CEO, Eng. Sultan Bin Abdulaziz AlDeghaither

• Chairman, Osamah Al Furaih: “Board is focused on dealing with socio-economic challenges and preparing the company for the next phase of sustainable growth in driving shareholder value”
• Vice Chairman & Group CEO, Bader Al-Kharafi: “Resilient performance due to accelerating revenue growth, cost optimization and mitigating initiatives implemented, setting the scene for a solid year” 
• Comparatively, the Q2 2024 net-profit is impacted by the one-off gains from settlement of Kuwait Number range claim in Q2 2023
• Group consolidated EBITDA for H1 2024 reaches USD 1.1 billion (KD 325 million)
• Data Revenue grew 1% to represent 39% of total Group Revenue for H1 2024
• Digital Operator entities Yaqoot and Oodi driving healthy customer and revenue growth
• Fintech services witness YoY revenue growth of 24% for H1 2024
• Enterprise revenue up 9% for H1 2024 as ZainTECH and local B2B teams secure key clients
• Zain Omantel International expanding partnerships and subsea cables to drive revenue growth
• Zain recognized as having the ‘Best Corporate Governance’ in Kuwait
• Zain publishes its 13^th annual sustainability report, entitled “A Pathway to Value Creation”

Bahrain – August 10, 2024

Zain Group, a leading provider of innovative technologies and digital lifestyle communications operating in eight markets across the Middle East and Africa, announces its consolidated financial results for Q2 and six months ended June 30, 2024. Zain served 47.8 million customers at the end Q2 2024, an exceptional 13% increase from Q1 2024, as 5 million customers return to the network, due to the network stabilization efforts being carried out in Sudan. 

Group Key Performance Indicators (KD and USD) for the second quarter (Q2) of 2024

In Q2 2024, Zain Group generated consolidated revenue of KD 479 million (USD 1.6 billion), up 4% compared to Q2 2023. Normalized EBITDA grew 13% YoY to reach KD 178 million (USD 579 million), reflecting an EBITDA margin of 37%. Normalized net income growth soared 55% to reach KD 52 million (USD 170 million) reflecting an earnings per share of 12 fils. Normalized EBITDA and net income growth for Q2 2024 is arrived at by adjusting the number range claim in Q2 2023.

Group Key Performance Indicators (KD and USD) for the first six months (H1) of 2024

For H1 2024, Zain Group generated consolidated revenue of KD 945 million (USD 3.1 billion). Normalized EBITDA grew 1% YoY to reach KD 325 million (USD 1.1 billion), reflecting an EBITDA margin of 34%. Normalized net income growth for the first six months was 11% reaching KD 81 million (USD 265 million), reflecting earnings per share of 19 fils (USD 0.06). Normalized EBITDA and net income growth for H1 2024 is arrived at by adjusting the number range claim and Tower transaction gain in H1 2023.