Zain Group increases profits by 2% in Q1

Zain Group sees modest increase in profits and revenues in Q1
Zain's net profits rose by 2% in the first quarter.
Zain's net profits rose by 2% in the first quarter.

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Zain Group said that its revenues reached KWD 325.7 million ($1.172 billion) in Q1 2012, a rise of 1% compared to the same period last year. The telco’s net profit increased by 2% year-on-year to reach KWD 70.9 million ($255.1 million).

The group’s consolidated EBITDA reached KWD 150.8 million ($542.5 million), up 2% over the same period of last year and reflecting an EBITDA Margin of 46.3%. Earnings per share reached 18 fils (US$0.07).

The company said that it had 40.3 million active subscribers in the first quarter of the year, up 7% on the same period last year.

Asaad Al Banwan, chairman of the board of directors, Zain Group said: "The local, regional and international markets continue to suffer from the global financial crisis, which imposes more challenges on the group's operations, yet in spite of this, Zain has managed to maintain encouraging growth rates during this difficult period.

Nabeel Bin Salamah, CEO, Zain Group, added: "While the group adopted more stringent standards in the identification and definition of its active customers, and the reclassification of its customer base on the basis of the new rules, the company was still able to achieve good results in its markets.

"This is because the Group continues to benefit from the available growth opportunities, which is reflected in the size of its customer base that grew by 7% to reach 40.3 million active customers at the end of March 2012."

Earlier in the month, Zain KSA said that it had cut its losses by 21%.

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