Kuwait-based Zain Group, a leading TechCo providing innovative ICT and digital communications in eight markets across the Middle East and Africa, has recorded solid results for the first nine months of the year with a 59% jump in its net profit which soared to KD304 million ($990 million), while its consolidated revenue rose 4% to hit a 17-year high of KD1.8 billion ($5.78 billion).

Announcing the results for the nine-month period ended September 30, 2026, Zain said its net profit got a big boost by a $501 million gain from strategic investments by its Zain Ventures unit, while earnings before interest, tax, depreciation and amortisation (ebitda) increased 4% to KD587 million, giving an ebitda margin of 34%.

Earnings per share stood at 70 fils, compared with the corresponding period last year.

For the third quarter, Zain reported a 30% increase in net income to KD84 million. Revenue rose 2% to KD615 million, while ebitda grew 1% to KD209 million, with an ebitda margin of 34%.

The group served 53 million active customers at the end of September, up 3% year-on-year.

Zain Group pointed out that its flagship and most profitable operation in Kuwait maintained its market leadership, serving a customer base of 2.6 million. The Q3 revenue reached KD93 million ($302 million). 

The ebitda grew 4% to reach KD 35.7 million ($116 million), reflecting an improved ebitda margin of 38%. Q3 net income reached KD 19 million ($62 million), while 9M 2026 net income stood at KD 55 million ($178 million). Data revenue grew 7% YoY in 9M 2026, representing 41% of total revenue.

Zain said revenue from its growth verticals rose 30% to $759 million in the first nine months, while data revenue increased 11% to $2.3 billion, accounting for 39% of group revenue. Enterprise revenue grew 12%, and ZainTECH revenue increased 17%.

On its Saudi Arabian operation, Zain said it had recorded a 45% increase in nine-month net income to $144 million, while Bahrain's operation reported a 2% rise to $11.3 million.

The group invested $501 million in capital expenditure during the period, equivalent to 9% of revenue, and distributed an interim dividend of 17 fils per share for the first half of the year.

Zain also said it had completed the first closing of a 50:50 regional tower platform with Qatar's Ooredoo, combining 4,000 towers in Kuwait and Qatar. Further additions are planned, subject to regulatory approvals and closing conditions.

One of its key subsidiaries in the GCC, Zain Bahrain recorded a 13% jump in its revenue for Q3 which rose to $58 million, with ebitda growing 4% to reach $16.6 million, reflecting a margin of 28%. 

The Q3 net income increased 4% to reach $4.5 million, and 9M 2026 net income increased 2% to $11.3 million. The 9M 2026 data revenue grew 4% to represent 47% of total revenue, it added.

On its Iraq operations, Zain said it recorded revenue of $368 million in Q3 2026, up 8% YoY with ebitda reaching $126 million. Net profit for Q3 reached $37 million, with 9M 2026 net profit reaching $108 million. Zain Iraq’s customer base increased 4% YoY to 21.1 million, maintaining its market-leading position. 

Performance was driven by effective execution of its commercial strategy, continued network deployment in strategically relevant regions, and solid contributions from its subsidiaries Horizon and NextGen, despite ongoing regional instability and macroeconomic pressures.

Zain Group said its Jordan operations posted solid growth for the third quarter with a 4% jump in its revenue to reach $159 million, with ebitda up 5% to reach $61 million. Net income for Q3 increased 4% to reach $21 million, while 9M 2026 net income stood at $61 million with growth of 2%. 

The ongoing expansion of 5G, FTTH and 4G services across the country led to data revenue growth of 9% for 9M 2026, which now represents 57% of total revenue. Zain Jordan served 4.4 million customers, up 1%, maintaining its market leadership, it added.

On Sudan, Zain said the revenue for Q3-2026 stood at $155 million, with an ebitda of $71 million reflecting a margin of 46%. Net income reached $63 million for the quarter, bringing nine-month net income to $178 million. Customer base expanded by 8% YoY, reaching 13.2 million.

“As the company and digital landscape continue to evolve rapidly, we remain committed to balancing commercial ambition with ESG priorities and constructive collaboration with regulators and stakeholders across our markets. These record-breaking results, marked by numerous achievements for the quarter, reaffirm the success of our actions and decisions.”

Lauding the solid performance, Bader Al-Kharafi, Zain Vice-Chairman and Group CEO, said: “Our transformation into an innovative technology driven and investment focused TechCo is delivering revenue growth and creating shareholder value. These 17-year-high 9M results reflect the diligent execution of our ‘4WARD-Progress with Purpose’ strategy, reinforced by monetisation of our network upgrades and ICT resources, coupled with methodical investment in technologies and high-quality opportunities across the global entrepreneurial ecosystem.”

“Despite continued regional instability, that impacted roaming, device availability and enterprise revenue across several key markets, alongside currency devaluation in Sudan, our teams stayed focused on cost optimization, strengthening our networks, rolling out vital ICT and individual lifestyle services, all while delivering an exceptional customer experience,” he noted.

“That focus translated into tangible progress with healthy growth across many of our operations and growth business verticals. Our home market Kuwait continues to dominate its leading position, sealing multiple lucrative Enterprise deals with many more in the pipeline, activating a new 100G connection to Europe that strengthened the country’s international connectivity resilience, as well as growing its 5G-Advanced value proposition across many service offerings,” he added.

On the robust Saudi growth, Al Kharafi said: “It was pleasing to see Zain KSA report 45% net income growth for the nine-month period, driven by the monetisation of its upgraded 5G-A network, which is supporting customer growth; business diversification and the acquisition of key enterprise clients; the continued development of its digital operator-Yaqoot, and profitable growth of its microfinance fintech entity Tamam, each contributing to the Kingdom’s evolving needs.”

He pointed out that Zain Iraq’s forward momentum and continued network expansion resulted in its highest quarterly revenue and customer numbers in more than a decade. 

“In light of Iraq’s 13% currency devaluation in October 2026, we are implementing initiatives to mitigate the financial impact on this steadily growing market. In Sudan, ongoing network site restoration is driving customer growth and revenue; however, despite the team’s efforts, these gains were not fully reflected in financial results due to the sharp depreciation of the Sudanese pound against the US dollar. We are also undertaking mitigation measures to reduce the impact going forward,” he noted.

“We are highly confident that our key strategic and successful business verticals, ZainTECH and Zain Omantel International impressive revenue growth to date will continue while delivering essential ICT and connectivity services across the region and beyond. ZainTECH’s recent expansion to Egypt is a positive move that will support the digital transformation ambitions of local enterprises and government entities,” he added.-TradeArabia News Service