Zain Group Q2 profit rises 14%, declares interim dividend of 10 fils per share

TDT | Manama                                                

The Daily Tribune – www.newsofbahrain.com     

Zain Group yesterday announced its consolidated financial results for Q2 and six months ended June 30, 2023 and a half-year dividend of 10 fils per share.

The Group said it received a first-ever cash dividend of USD 42 million from Zain KSA and served 52.7m customers at the end of the period, a 2% increase year-on-year (YoY).

In the second quarter, Zain Group generated consolidated revenue of KD 461m (USD 1.5 billion), up 10% YoY.

EBITDA reached KD 182m (USD 594m), up 10% YoY, reflecting an EBITDA margin of 40%.

Net income amounted to KD 57m (USD 187m), up 14% YoY, reflecting earnings per share of 13 fils (USD 0.04). For the first six months, Zain generated consolidated revenue of KD 930m (USD 3.03 billion), an increase of 12% YoY.

Net income amounted to KD 112m (USD 364m), up 14% YoY, reflecting earnings per share of 26 fils (USD 0.08). Chairman, Osamah Al Furaih, said, “This exceptional performance is a result of the Board and management’s focus on driving sustainable shareholder value through effective environmental, social and governance (ESG) practices, network upgrades expansion, and growing new lucrative business verticals with a focus on providing customers with an exceptional telecom experience.”

Bader Al - Kharafi , Z a i n Vice-Chairman and Group CEO commented, “On the back of these robust results combined with our strong balance sheet and financial solvency, and in accordance with our declared 35 fils per share minimum dividend policy for the next three years starting 2023, the Board is pleased to declare a third consecutive half-year dividend of 10 fils per share.” Zain Group’s flagship operation reported stable revenue at KD 173M (USD 563M), benefiting from successful litigation.

In Saudi Arabia, revenue grows 10% to US$1.3 bilion. Iraq sees 17% revenue growth to US$ 455m, Sudan achieves 46% revenue increase to US$ 303m, Jordan’s revenue hits USD 261m, and Bahrain’s revenue up 11% to US$ 98m, data revenue 45%.