Zain Bahrain FY22 net profit rises 2.6% to BD5.71 million

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

Zain Bahrain yesterday announced financial results reporting a fourth quarter and Full year 2022 profit that rose from a year ago as revenues rose.

The Board of Directors recommended annual dividends representing 9% of the company’s paid-up capital, equivalent to 9 fils per share, subject to the Annual General Meeting approval.

Q4 Results

The fourth quarter net profit was BD1.28 million representing an 8% increase from BD1.19 m for the same period in the previous year. Earnings per share jumped to 4 fils from 3 fils in Q4 2021.

Revenue, meanwhile, stood at BD16.81 m, representing a 0.2% increase compared to BD16.77 m for the same period in the previous year.

Operating reached BD1.43 m, up by 2% from BD1.40 m in Q4 2021.

Full-year results

The company reported a 2.6% increase in net profits to BD5.71 m for the year, compared to BD5.57 m in the previous year.

Earnings per share stood at 16 fils, a 2.6% increase from 15 fils compared to the previous year.

Revenue amounted to BD67.36 m, a 4% jump from BD64.78 m in 2021.

Operating profits remained stable at BD6.45 m. Zain Bahrain Chairman, Shaikh Ahmed bin Ali Al Khalifa said, "Zain Bahrain's fourth quarter and end of the year results reflect progress toward the company's overall strategic growth vision.

2022 has been an exciting year for the business, with Zain Bahrain having executed several initiatives to enhance its network, accelerating business innovation and digital transformation.

The positive impact of these initiatives has positioned the company to capitalize on new opportunities expected to drive profitability in 2023."

"Our operational progress in the 4th quarter saw Zain Bahrain become the first operator in the Kingdom to successfully launch the trial of advanced 5G mmWave technology, delivering an improved user experience through mobile broadband hotspots and home broadband.

Furthermore, our partnership with ZainTech, the one-stop digital and ICT solutions powerhouse of Zain Group, offering managed solutions, including cloud, cybersecurity, AI, big data, smart cities, and drone services, will support Vision 2030, accelerating the digital transformation of enterprises and government entities in Bahrain." 

Looking ahead, Zain Bahrain Chairman said: "We remain extremely confident in the ability of our comprehensive strategy to achieve superior growth, drive digital transformation, and create next-generation solutions across the Kingdom."