Zain Bahrain revenue in H1 surges 3.5pc to $101m
MANAMA, July 30, 2024
Zain Bahrain, a leading telecommunications industry innovator in the kingdom, has recorded solid results for the first half of the year with revenue for the first six-months hitting BD38.44 million ($101.3 million), up 3.5% over last year's figure of BD37.1 million ($97.8 million).
Announcing its results for the six-month period ended June 30, 2024, Zain Bahrain said its net profit fell 11.9% to BD2.42 million from BD 2.75 million last year.
Basic and diluted earnings per share is 7 fils compared to 8 fils in H1 2023, while its ebitda for H1 increased by 7.6% to BD11.79 million from BD10.96 million for the same period last year.
For the Q2, Zain Bahrain reported a net profit of BD1.35 million, representing an increase of 2.6% from last year's figure of BD1.32 million, while its revenue for the three month-period ended June 30, 2024 remained stable at BD18.93 million compared to Q2 2023.
Basic and diluted earnings per share remained stable at 4 fils, while ebitda for Q2 increased by 11.9% to hit BD6.09 million from BD 5.44 million last year. Revenue for Q2 2024 remained stable at 18.93 million compared to Q2 2023.
Zain Bahrain said its balance sheet remains strong with a total equity of BD84.73 million as of 30 June 2024, compared to BD85.66 million for the year ended 31 December 2023, a slight decrease of 1.1%.
The company's assets as of 30 June 2024 stood at BD 133.82 million, from BD 137.63 million as of 31 December 2023, a decrease of 2.8%.
Commenting on the results, Chairman Shaikh Ahmed bin Ali Al Khalifa said: "During this quarter, Zain Bahrain has significantly expanded its business solution offerings, embraced innovative solutions, and launched a range of consumer and enterprise services."
"The telco continued to successfully forge new partnerships with esteemed organizations to expand its reach and create new opportunities for mutual growth and success across the Kingdom," he stated.
Shaikh Ahmed said: "Furthermore, I am proud to share that Zain Bahrain has emerged as a leader in 5G innovation, with speeds exceeding 6 Gbps in its latest trial conducted in partnership with Ericsson. This achievement is a testament to Zain's relentless pursuit of excellence and dedication to pushing technological advancement's boundaries."
"We have also won four awards at GHEDEX 2024 for Human Capital Development, Hybrid Working Strategy, Workplace Culture and Employee Wellness, and Leadership Development Program," stated Shaikh Ahmed.
"These accolades highlight Zain's dedication to workforce development, innovative talent management, resulting in an impressive 93% Bahrainization in the Zain workforce, he said.
"As we move forward, I am confident that Zain Bahrain will continue to thrive and excel in the ever-evolving landscape of telecom and fintech, unlocking economic opportunities, improving financial well-being, and driving sustainable future growth," remarked Shaikh Ahmed.
The telco's commitment to innovation, excellence, and customer experience is unwavering, and we are poised to grasp new opportunities and overcome challenges with resilience and determination," he added.
