Zain KSA revenue in H1 soars to $1.3bn; net profit up 60pc
RIYADH, July 25, 2024
Zain KSA, a leading telecom services operator in the kingdom, has delivered solid results for the first half of the year with a revenue of SAR5 billion ($1.3 billion), while its net profit surged by 60% to SAR172 million ($45.8 million) from SAR108 million ($28.7 million) last year after excluding the tower infrastructure sale transaction worth SAR 1.1 billion ($293 million).
Announcing its financial results for the six-month period ended June 30, 2024, Zain KSA said these results underscore Zain KSA’s strategy focused on enhancing customer experience and expanding next-gen technologies.
This has led to revenue growth in the B2B sector and increased demand for services during the Hajj season.
Zain KSA was the first operator to provide full 5G coverage of the holy sites. This was paired with sustained demand for the digital service Yaqoot, said the Saudi telco.
Likewise, Zain KSA’s business and return on investments in adjacent markets continued to grow, particularly in the fintech sector through Tamam, it added.
On the H1 results, CEO Engineer Sultan bin Abdulaziz Al Deghaither said: "At Zain KSA, we continue to enhance the digital capabilities for our individual and enterprise customers to drive nationwide digital transformation. This growth is a result of our strategic directions over the past years, which focused on empowering a seamless customer-centric digital experience."
"We have launched our new expansion plan with investments amounting to SAR 1.6 billion, seeking to increase 5G network coverage from 66 to 122 cities. Additionally, we achieved a significant milestone by providing full 5G coverage of the holy sites, contributing to the Pilgrim Experience Program by offering advanced infrastructure that enhances digital experiences for pilgrims," he stated.
"Through these investments, we also aim to support Industry 4.0 by allocating 45% of the 5G infrastructure to support advanced 5G technologies," he added.
Parallel to this business growth, Zain KSA said it was committed to operating responsibly and in full compliance with the best global sustainability practices.
With extensive experience in sustainability, the company aims to transfer and share this knowledge to enhance the capabilities of SMEs in the ICT sector.
As a result, Zain KSA has been selected among 22 leading national companies in the kingdom for its sustainability practices and has signed the Sustainability Champions Charter, a key initiative of the Ministry of Economy and Planning.-TradeArabia News Service
