IT & Telecommunications

Zain Saudi announces record $2.4bn revenue for FY 2022

Zain Group, a leading mobile telecom innovator in seven markets across Middle East and Africa, said its Saudi unit has achieved an all-time record revenue of SR9.1 billion ($2.42 billion) for FY 2022, up 15% compared to the previous year's figures of SR7.9 billion ($2.1 billion).
Announcing its financial results for 2022, Zain Saudi pointed out that the company also achieved the highest profit to date, reporting a net profit of SR550 million, thus recording a remarkable 157% growth as compared to 2021. 
Impressed with the results, the company's board of directors has recommended distribution of cash dividends  at the rate of 5% of the share nominal value to the Zain KSA shareholders.
On the solid performance, Zain KSA Chairman Prince Naif bin Sultan bin Mohammad Bin Saud Al Kabeer said: "The 2022 financial results reflect the major shift in our financial and operational performance and the growth we have achieved. The results also confirm the great impact of the company’s strategy of enhancing the user experience, expanding its investment in future technologies, and investing in adjacent markets while continuing to enhance governance to ensure sustainable growth and profitability."   
Prince Naif pointed out that it was able to achieve these results, empowered by the great potential of thriving Saudi economy and guided by the astute national leadership and Vision 2030 which laid out the blueprint for achieving integrated digital transformation and transitioning into a smart, knowledge-based economy, empowering society and improving quality of life by harnessing the unlimited potential of technology. 
"As a leading Saudi company, we have succeeded in becoming a partner of choice for innovative telecommunications and digital services and in supporting our ambitious nation in light of the successive accomplishments the Kingdom has made in all fields by focusing on innovation, development, and smart investments," he added.
CEO Engineer Sultan bin Abdulaziz Al Deghaither said: "In 2022, we succeeded in achieving the goals of our commitment to our strategy which we launched 5 years ago. This has made 2022 a year of great transformation on the operational and financial levels alike."
"We focused on providing the best user experiences, as well as enhancing the capabilities of the telecommunications and digital services sector in the kingdom. There are many milestones that Zain KSA achieved over the past year, which contributed significantly to achieving these positive results," remarked Al Deghaither. 
According to him, the first of these is the substantial expansion of the 5G user base, particularly in the business sector, through next-gen solutions and applications in the fields of Artificial Intelligence, virtual and augmented reality, the Internet of Things, cloud computing, and others. 
"We launched the Kingdom’s first 5G Stand-Alone network and enhanced our cloud services and products portfolio through Zain Cloud, which obtained the highest cloud computing rating from the Communications, Space & Technology Commission, making it the preferred cloud services partner in the kingdom," stated Al Deghaither. 
"We have also enriched our users' experiences through Yaqoot and its integrated digital packages. Additionally, Zain KSA brand value increased to more than SR3 billion, positioning the Company as one of the top 14 brands in the Kingdom, according to Brand Finance," he noted.
"In parallel, we continued to strengthen our presence in adjacent markets. Following our success in the Fintech sector, through Tamam Financing, we invested in digital entertainment through Playhera Mena. We also strengthened our regional presence by expanding GeForce NOW's cloud gaming platform to serve the region's markets," he added.-TradeArabia News Service