Zain KSA Announces H1 2024 Results Revenue Amounts To SAR 5 Billion, A 6% YOY Growth
Date
7/25/2024 3:28:12 PM
(MENAFN- Mid-East)
Zain KSA announced its financial results for the first half of 2024, recording revenues of SAR 5 billion, a 6% increase compared to the same period in 2023. The company also reported a net profit of SAR 172 million, compared to SAR 108 million, a 60% growth over the same period in 2023, after excluding the tower infrastructure sale transaction worth SAR 1.1 billion.
These results underscore Zain KSA's strategy focused on enhancing customer experience and expanding next-gen technologies. This has led to revenue growth in the B2B sector and increased demand for services during the 1445 AH Hajj season. Zain KSA was the first operator to provide full 5G coverage of the holy sites. This was paired with sustained demand for the digital service Yaqoot. Likewise, Zain KSA's business and return on investments in adjacent markets continued to grow, particularly in the fintech sector through Tamam.
Commenting on these results, Eng. Sultan bin Abdulaziz Al-Deghaither, CEO of Zain KSA, said:“At Zain KSA, we continue to enhance the digital capabilities for our individual and enterprise customers to drive nationwide digital transformation. This growth is a result of our strategic directions over the past years, which focused on empowering a seamless customer-centric digital experience. We have launched our new expansion plan with investments amounting to SAR 1.6 billion, seeking to increase 5G network coverage from 66 to 122 cities. Additionally, we achieved a significant milestone by providing full 5G coverage of the holy sites, contributing to the Pilgrim Experience Program by offering advanced infrastructure that enhances digital experiences for pilgrims. Through these investments, we also aim to support Industry 4.0 by allocating 45% of the 5G infrastructure to support advanced 5G technologies. As we continue to grow on the level of operations and financial performance, we reaffirm our commitment to supporting our astute leadership's efforts, particularly in enhancing the growth of local content in the ICT sector. We introduced the first fleet management system as a 100% national product. These initiatives support Saudi Vision 2030's economic goals by diversifying national revenue sources and supporting Saudi products to the highest standards of reliability and excellence. This, in turn, enhances our nation's prosperity and sustainability..”
Parallel to this business growth, Zain KSA is committed to operating responsibly and in full compliance with the best global sustainability practices. With extensive experience in sustainability, the company aims to transfer and share this knowledge to enhance the capabilities of SMEs in the ICT sector. As a result, Zain KSA has been selected among 22 leading national companies in the Kingdom for its sustainability practices and has signed the Sustainability Champions Charter, a key initiative of the Ministry of Economy and Planning.
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