Kabbani: Kabbani: "Reporting record revenues and gross profits for the six month period indicates that we are making the most of the growth opportunities."

Zain Saudi Arabia (Zain KSA) improved its revenues and gross profit for the second quarter of 2016 ending June 30, 2016. Revenues reached SAR 1,727 million ($460.5 million) , reflecting a 5% growth YoY. The operator also reported record gross profits, reaching SAR 1,113 million for the second quarter of 2016 with a gross margin of 64%.

EBITDA was SAR 372 million (~$99 million). . EBITDA margin reached 22% in Q2 2016 and 23% in the first half of 2016.

Hassan Kabbani, CEO of Zain Saudi Arabia said: "The company continues to show improvements, although the overall market conditions are challenging for all participants. During the second quarter of 2016 we successfully completed the refinancing of a SAR 2,250 million loan with competitive terms, which demonstrates the confidence that our lenders have in the company.”

Kabbani added: “We realise the role Zain can play in the local economy, contributing in the transformation towards a digitally enabled and diversified economy as part of the leadership’s Vision 2030 plan. Reporting record revenues and gross profits for the six month period indicates that we are making the most of the growth opportunities that exist in the market, supported by our transformation strategy.”

Kabbani continued that Zain Saudi Arabia is fully committed to the implementation of the new biometric identification requirements. The cost of applying the new fingerprint regulations and investments in our network were stated as the main reasons for the increase in the company’s expenses during the period.