Zain Bahrain net profit surges 120pc in Q1
MANAMA, May 12, 2018
Zain Bahrain, a leading telecommunications provider in the kingdom, has reported a net profit of BD1.108 million ($2.93 million) for the three months ending March 31, 2018, thus registering an increase of 120 per cent compared to BD503,000 ($1.33 million) over the same period a year earlier.
Announcing the results for the three-month period ending March 31, Zain Bahrain said its operating profit for 2018 surged to BD1.127 million from BD576,000 last year, thus registering an increase of 95.7 per cent.
The positive results were achieved despite the decline in total revenues in Q1 2018 to BD16.571 million, down 9.4 per cent from BD18.310 million ($48.5 million) a year earlier.
The fall in revenues was mainly because of the effects of certain IFRS 9 and IFRS 15 reporting requirements under the International Accounting Standards Board, while the basic earnings per share increased form 1 fils in Q1 2017 to 3 fils for the three-month period ending March 31, 2018.
At the balance sheet level, Zain Bahrain's total equity stood at BD66.147 million during the first quarter of 2018, compared to BD63.3 million over the same period in 2017, an increase of 4.5 9.4 per cent.
However, the company's assets for the three-month period fell by 6.5 per cent to BD99.044 million compared to BD105.938 million last year.
Zain Bahrain's success in achieving a high growth rates during Q1 2018 is a reflection of the positive results achieved by its ability to keep abreast of the technological and services developments witnessed by the telecommunications sector around the world, said the statement from the telecom company.
Through its extensive efforts to introduce the latest technologies, with a focus on the delivery of data-centric products and digital offerings, as well as the implementation of a well-considered operational strategy and exercising financial prudence.
Zain Bahrain Chairman Shaikh Ahmed bin Ali Al Khalifa said: “During the first quarter of 2018, our focus to improve Zain Bahrain’s operational performance, enhance our investment activities and implement cost optimization initiatives, resulted in significant growth in our net profit for the period."
"The strong performance achieved in a challenging environment demonstrates Zain Bahrain’s competence in consolidating its prominent position in the market," he noted.
Shaikh Ahmed said: "Zain Bahrain is moving forward with its efforts to build modern networks across the kingdom and offer a wide range of state-of-the-art broadband technology solutions as part of its commitment to providing the best range of services to its loyal customers."
"These investments will enable our customers to benefit from high-quality services across our network, and Zain Bahrain will continue to use its advanced network capabilities to bring additional innovative digital products and offerings providing great value," he noted.
"Our success in partnering with major regional and global service providers has added value to Zain’s portfolio of services and improved customer experience. This places the operator in a fantastic competitive position and will assist in the achievement of our strategic objectives to benefit all of our stakeholders,” he added.-TradeArabia News Service
