Q1 saw Etisalat and Microsoft forming a strategic partnership to deliver the comprehensive, trusted Microsoft Cloud from their first datacentre located in the Middle East. Etisalat has also partnered with key industry peers to form the Global Telco Security Alliance.
Acting CEO stresses that technological advancements associated to the information revolution would play a vital role as the key driver for digital transformation in the Kingdom by developing the required infrastructure for data and connectivity.
Gross margin improves from 19 percent to 36 percent. The company launched a major restructuring drive in July 2017 as a result of which the total workforce has been reduced by almost 18,000. To date, the annual run-rate effect of cost savings is approximately SEK 8.5 b ($1.01 billion).
Zain Group's consolidated net income for 2017 increased by 2% to KD 160 million ($527 million), reflecting Earnings Per Share of 39 fils ($0.13). Consolidated revenues amounted to KD 1.03 billion ($3.4 billion), down 5% YoY.