Zain Bahrain, a telecommunications industry innovator in the Kingdom, has reported a net profit of BD1.07 million ($2.8 million) for the first quarter, down 25.3% over last year's figures of BD1.43 million ($3.8 million). The basic and diluted earnings per share for the quarter is 0.03 fils compared to 0.04 fils in Q1 2023.

 

Announcing its financial results for the three-month period ended March 31, 2024, Zain Bahrain said 

its revenue surged by 7.4% to hit BD19.5 million ($51.4 million) over the last year's figure of BD18.17 million ($47.7 million) in Q1 2023. 

 

The ebidta also increased by 3.4% to reach BD5.70 million compared to BD5.52 million in Q1 2023, it stated.

 

At the balance sheet level, Zain Bahrain's total equity at the end of Q1 2024 is at BD83.39 million, a decrease of 2.6% from BD85.66 million for the year ended 31 December 2023. 

 

The company's asset base for the three months ended 31 March 2024 stood at BD135.83 million, a reduction of 1.3% from BD137.63 million as of 31 December 2023.

 

According to Zain, the healthy revenue growth y-o-ywas achieved through innovative Data, Business solutions, and value-added services offerings. Consolidated net income was impacted by the start-up costs of Zain’s Fintech subsidiary and Increased Regulatory Charges. 

 

 

Commenting on the results, Zain Bahrain Chairman Shaikh Ahmed bin Ali Al Khalifa, said: "During the first quarter, we have strengthened our position through culture of innovation and commitment to utilizing the latest technology. With the rapid advancements of these technologies and the launch of our financial services subsidiary, the telco has focused on addressing customers' critical digital needs by providing new cutting-edge solutions and services that enhance the overall user experience."

 

"Zain Bahrain's dedication to pushing the boundaries of what is possible and exploring new ways of using technology, including fintech, has benefited businesses and empowered consumers to take control of their digital lives," he stated.

 

Shaikh Ahmed said: "Zain Bahrain has achieved significant milestones in key areas. It has successfully launched Bede, an innovative Shariah Compliant Fintech Mobile App licensed by the Central Bank of Bahrain (CBB), aiming to deliver convenient microfinance services to its customers."

 

"The new fintech subsidiary venture aims to enhance Zain Bahrain's position as a leading digital lifestyle provider, contributing to the growth and development of the Fintech industry in the Kingdom, which comes as part of Bahrain's Economic Vision 2030," he stated. 

 

Another significant milestone is the launch of ZainTECH, the integrated digital solutions provider of Zain Group, in the Kingdom. ZainTECH operates an advanced suite of digital and ICT services and solutions that assist the digital transformation of enterprises and government entities, said the telecom company in a statement.

 

This strategic move reflects Zain's continuous commitment to innovation and its dedication to meeting the evolving needs of its customers in the digital era while accelerating the pace of development in new financial services, it added. 

 

Shaikh Ahmed said: "We are expanding our market presence, enhancing our service offerings, and forging strategic partnerships. We have recently collaborated with The Ministry of Social Development, the Ministry of Transportation and Telecommunications, and the Zakat and Charity Fund under the Ministry of Justice and Islamic Affairs and Waqf."

 

"These partnerships reflect our commitment to empowering individuals, businesses, and communities through innovative solutions. With a strong focus on sustainability, digital transformation, and customer-centricity, Zain Bahrain is well-positioned to seize opportunities, overcome challenges, and continue driving growth and value for our stakeholders," he added.-TradeArabia News Service