Wednesday 17 July 2019

Zain Bahrain H1 net profit surges 61pc

MANAMA, August 4, 2018

Zain Bahrain, a leading telecommunications provider in the kingdom, said its net profit for the first half of 2018 surged 61 per cent to BD2.33 million ($6.16 million) from BD1.45 million ($3.84 million) last year.
Announcing the results for the six-month period ending June 30, 2018, Zain Bahrain said its net profit in the second quarter hit BD1.22 million ($3.24 million), up 29 per cent year-on-year, which also reflected a 10 per cent quarterly increase in net profit over the first quarter’s BD1.11 million ($2.93 million). 
The operating profit for H1 rose to BD2.32 million ($6.15 million), a 47 per cent year-on-year improvement from BD1.58 million ($4.19 million) a year earlier. 
The operating profit for Q2 amounted to BD1.2 million ($3.2 million), up 20 per cent from BD1 million ($2.65 million) last year. Earnings per share increased to 6 fils (previously 4 fils) for the six month period ending 30 June 2018.
The Bahraini telecom services operator said the revenues for H1 reached BD32.7 million ($86.5 million), down 12 per cent year-on-year, with Q2 revenues declining 14 per cent to BD16.13 million ($42.7 million). 
The company’s strong performance during the first half and second quarter of 2018 reflects the efficient business strategy adopted by Zain Bahrain, enabling it to continue to deliver excellent financial results, it added. 
This performance allows Zain Bahrain to offer significant value to its customers while the company invests in innovation to maintain its leading role in one of the world’s fastest evolving industries. Net profits were also boosted by Zain Bahrain’s attractive offerings, its ongoing cost containment programs, and the continuous enhancements in its mobile and broadband services.
Zain Bahrain's total equity stood at BD67.4 million ($178.2 million) at the end of Q2 2018, up from BD64.3 million ($170 million) a year earlier. 
The company's assets amounted to BD96.3 million ($255 million) at the end of Q2 2018, down from BD102.5 million ($271 million) at the end of Q2 2017, it stated
On the solid performance, Chairman Shaikh Ahmed bin Ali Al Khalifa said: "Zain Bahrain has been able to achieve solid results due to an integrated management approach carried out by a highly professional team, reinforcing the company’s role as a leading telecommunications company in the Kingdom, which provides quality communications solutions to satisfy the needs of its customers."
Shaikh Ahmed said: "Results for the second quarter of 2018 are in line with Zain Bahrain’s goals as the company merges its digital leadership in the telecom market."
"Our fixed wireless broadband services were recently recognized in a Telecommunications Regulatory Authority (TRA) report as having the fastest performance in HTTP download speed, FTP download speed, on-net ping time, and web browsing time, among other categories," he added.
Zain Bahrain, he stated, received more number one rankings than any other telecom operator in Bahrain. 
"Our company has fundamentally changed how telecom service providers compete in ultra-fast broadband access, and we have cemented our reputation as an innovator in broadband technologies by providing exceptional fixed and mobile internet services to customers," observed Shaikh Ahmed.
"We will continue implementing our digitalization strategy and state-of- the- art services to achieve exceptional customer service and further growth and success in the Kingdom, while remaining focused on delivering products and services incorporating the latest technologies to meet our customers’ needs," he added.-TradeArabia News Service

Tags: Zain bahrain | Telecom services |

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