RIYADH: Shares of Zain KSA, formally known as Mobile Telecommunication Co. Saudi Arabia, closed 4.3 percent higher on Sunday in response to news that its profit more than doubled to SR214 million ($57 million) in the first half of 2022.
The telecom operator’s profit surged 157 percent from SR83 million in the same period a year earlier on the back of higher revenue, according to a filing to the Saudi Exchange.
Its revenue rose from SR3.8 billion to SR4.4 billion driven by the growth in the business-to-business, fifth generation and other revenue streams in addition to a post-pandemic return of international visitors.
Speaking to Argaam, CEO Sultan Al-Deghaither added the figures were propelled by rising demand from government agencies, institutions, and companies in the Kingdom for the portfolio of business sector products and support services.
"Through global strategic partnerships, we were able to transfer the 5G experience in the Kingdom to a new level, and we sought to complete our partnerships by providing digital infrastructure that enables obtaining the best results,” he noted.
