Kuwait- Zain net profits at USD 321 mln H1 2019

(MENAFN- Kuwait News Agency (KUNA)) KUWAIT, July 31 (KUNA) -- Zain Group, a leading mobile innovator with operations in eight markets across the Middle East and Africa, announced on Wednesday posting net profits amounting to KD 97 million (USD 321 million) in H1 2019.
By contrast, the group earned KD 86 million (USD 287 million) during same period in 2018, rising by 18 percent, at 22 fils per share.
Chairman of the Board of Directors of Zain Group Ahmad Al-Tahous said in a press release today that the consolidated revenues recorded major leap by 61 percent, reaching 811 million (USD 2.7 billion), compared to KD 503 million (USD 1.7 billion) in the same period in 2018.
Al-Tahous added that the company earnings, before deducting taxes and interests, rose by 109 percent reaching KD 354 million (USD 1.17 billion) against KD 169 million (USD 563 million) H1 2018.
Financial results for the second quarter of the current fiscal year robustly rose, he said, adding that the company recorded rise of its volume of profits, before deducting the fees and interests, by 108 percent reaching KD 177 million (USD 582 million).
Commenting further on the results, Al-Tahous said, "The Groupآ's performance in the first half of the year was very pleasing given the numerous operational and competitive challenges we face in several key markets."
Bader Nasser Al-Kharafi, Zain Vice-Chairman and Group CEO commented, "The first six months of 2019 were exceptional as we recorded impressive Net Income and EBITDA growth in all key operations, namely Kuwait, Saudi Arabia, Iraq, Jordan and Bahrain.
"We also continue to perform remarkably well in all key financial indicators in local SDG currency terms in Sudan, though this progress is negated by currency devaluations. Overall, these robust set of results reconfirm that our digital transformation program, efficiency drive, and growth strategy is on track in delivering the ambitious financial targets we have set in a bid to exceed all expectations from our stakeholders."
Al-Kharafi continued, "Zain Groupآ's financial growth during the period in many key indicators was underpinned primarily by the strategic consolidation of Zain KSA, combined with the Saudi operatorآ's impressive performance, which has driven it to profitability for four consecutive quarters.
Zain KSAآ's market capitalization has more than doubled in the last 12 months, offering further testament of investor confidence in the successful implementation of the companyآ's turnaround strategy and future roadmap.
The Vice-Chairman and Group CEO concluded, "The recent launch of 5G networks in Kuwait was a major milestone, as it allows us to offer more innovative and compelling services to our customers in government, business, IoT, and smart city sectors, bolstering the digital economy in these areas.
"5G technology will create vast opportunities in the value chain proposition in numerous industries and will push the telecom sector to a new and exciting phase of growth. Zain is mobilizing all its resources to capitalize on this enormous opportunity in creating shareholder value."
Maintaining its market leadership, the flagship operation of Zain Group saw its customer base serve 2.8 million in a very challenging period that witnessed improving Net Income for the quarter. (end)
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