Zain Saudi Arabia has recorded a 46 per cent increase in net profits for the 2019 financial year, with profits of $130 million (SAR485 million).
EBITDA increased by 27% per cent, year-on-year, to reach $1 billion (SAR 3.82 billion), representing a 46 per cent margin
“Zain KSA’s ever improving financial results are attributed to the team’s diligent implementation of its digital growth strategy, combined with the close cooperation and support of the resources of Zain Group. Zain KSA’s distinct accomplishments in 2019, include the commercial launch of the Kingdom’s largest 5G network that enhance competitive capabilities; operational efficiency initiatives; and provision of a great customer mobile experience that is instrumental in growing its enterprise and individual customer base,” said Zain’s vice-chairman and group CEO, & Zain KSA vice-chairman, Bader Al Kharafi.
Zain became one of the first mobile network operators in the world to launch fully commercialised 5G network services in 2019 and now presides over the Kingdom’s largest 5G network, according to Al Kharafi.
The launch of next generation mobile networks will be a key pillar of Saudi Arabia’s digital economy and will be the bedrock upon which the country’s Vision 2030 aspirations are built.
“The company is proud of its position as a major contributor to Saudi Arabia’s ICT sector; a position it has earned through constant innovation and qualitative initiatives aimed at further developing Saudi nationals. Zain KSA’s productive relationship with the Ministry of Communications and Information Technology, and the Communications and Information Technology Commission, emphasize the company’s dedication to supporting the targets of the Kingdom’s Vision 2030,” said Al Kharafi.
Zain plans to continue the build out and scale up of its 5G mobile networks in 2020, as well as boosting fibre to the home (FTTH) penetration levels across the Kingdom.