Zain Group, accomplished growth in its first three quarters, reaching a 5 percent rise to $450 million, according to the operator’s earnings report.
The company highlighted that the noted augmentation in its consolidated net income was essentially derived from the company’s remarkable revenue performance of most of its operations, excluding Zain Iraq, which endured a downfall in profit led by the fluctuation of its currency’s devaluation.
In parallel, the Group’s net income rose on the grounds of lucrative cost optimization approaches and loan reforms throughout various operations, concluding in substantial savings in financial costs.
Zain’s first three quarters witnessed an investment growth exceeding $665 million in capital expenditure (CapEx), revealing 18 percent revenue, mostly in Fiber-to-the-Home (FTTH), spectrum fees, 4G upgrades, and 5G deployments.
“The operational performance that saw net profit growth over the 9M period, despite the huge impact of unavoidable currency devaluations, is testament to the successful implementation of the ‘4Sight’ strategy. I am extremely proud of the digital transformation achievements and network rollouts our teams have accomplished across our footprint, enabling us to continue in our mission to foster sustainable systemic change and provide meaningful connectivity in offering high-quality and appealing services to our customers,” according to Zain Vice-Chairman and Group CEO, Bader Al-Kharafi.
As for the telco’s Kuwaiti Group, Zain upheld a notable progress in 5G network, expanding over 51 cities, covering the Kingdom’s regions.