LONDON: Zain, a Kuwait-based telecoms company, has reported a net profit of 50 million Kuwaiti dinars ($165 million) for the second quarter of 2022, a 22 percent increase over the same period last year.
According to data provider Refinitiv, the effort came in slightly ahead of analysts’ estimate of 49 million dinars.
Revenue for the quarter increased 14 percent to 421 million dinars, thanks to double-digit growth at its subsidiaries in Saudi Arabia and Sudan.
In total, the telecoms group made a net profit of 98 million dinars in the first half of 2022, up 14 percent year on year, with earnings per share of 23 fils.
“The board and management are focused on driving sustainable shareholder value through strong environmental, social and governance practices, diligent investments in 4G and 5G network upgrades expansion, and seeking new lucrative business verticals to drive growth,” Ahmed Al-Tahou, chairman of Zain Group, said.
“We thank all the government authorities across our markets for their proactivity in supporting the telecom sector as we strive to provide meaningful connectivity to the communities we serve,” he added.
Zain, which operates in seven markets across the Middle East and Africa, served 51.7 million customers at the end of the period, a 7.1 percent increase year on year.
The company’s board has declared a half-year dividend of 10 fils per share.
“The healthy revenue and net income growth across multiple key markets vindicates the strategic investments we have made over recent years in network upgrades and cutting-edge digital platforms,” Bader Al-Kharafi, Zain’s vice chairman and group CEO, said.
“By offering our individual and enterprise customers state-of-the-art technologies and services, we are enhancing our customer and revenue share across our markets.
“The 5G network of our flagship operation in Kuwait is the driving force of the 9 percent increase in customers and generation of multiple streams of profitable government and enterprise revenue, resulting in an 11 percent increase for all key financial indicators — revenue, EBITDA and net income.
“Similarly, the 5G network and appealing data monetization initiatives in both Saudi Arabia and Bahrain are driving growth on multiple levels. In Iraq, Jordan and Sudan, the operations are monetizing their 4G networks profitably and we look forward to launching 5G services in those markets in the future, upon receipt of regulatory approvals,” he added.
Zain Group, along with Boubyan Bank and other investors, applied for a digital banking license in Kuwait last month, hoping to become the country’s leading telco-led challenger bank.
“We are focused on fostering innovation and building on our success in the fintech space, given the exceptional accomplishments of Tamam in Saudi Arabia, Zain Cash in Iraq and Jordan, as well as MGurush in South Sudan,” Al-Kharafi said.
Kuwait’s Zain reports $165m profit for second quarter of 2022
https://arab.news/zs863
Kuwait’s Zain reports $165m profit for second quarter of 2022
- Zain served 51.7 million customers at the end of the period, a 7.1 percent increase year on year
Saudi Dar Al Arkan, Trump Organization unveil 1st Riyadh project in Wadi Safar
RIYADH: Saudi developer Dar Al Arkan and its international unit Dar Global have unveiled the first of two Trump-branded projects planned for Riyadh, launching a 2.6 million-sq.-meter Trump International Golf Club in Wadi Safar.
The project follows a joint announcement in December 2024 by Dar Al Arkan, Dar Global and The Trump Organization to develop two Trump-branded assets in the Saudi capital. It marks The Trump Organization’s first venture within the Diriyah development, one of the Kingdom’s flagship giga-projects, according to a press statement.
The development aligns with Saudi Arabia’s Vision 2030 goals to diversify the economy away from oil and attract foreign direct investment.
It also comes as Saudi Arabia plans to allow foreigners to own property in designated areas for the first time, starting this month.
In a statement, Eric Trump, executive vice president of The Trump Organization, said:
“We are proud to expand our presence with this landmark development in Wadi Safar. Trump International Golf Club, Wadi Safar will redefine luxury and excellence in the region, setting a new standard that reflects the brand’s enduring commitment to quality, prestige and timeless elegance.”
He added: “We look forward to creating a destination that complements the rich heritage of the region while delivering a global standard of luxury living.”
The Trump International Golf Club, Wadi Safar, will be developed as a gated community featuring a championship golf course, a luxury hotel and premium residential units overlooking surrounding wadis and fairways.
“This new project represents a vision to deliver a destination that captures the prestige and the legacy of the Trump brand. With Dar Global leading the development, we are confident this will become a flagship destination not just for Saudi Arabia, but for the world,” said Yousef Al Shelash, chairman of Dar Al Arkan.
The project will combine top-tier hospitality, design, and lifestyle offerings in a setting that reflects Saudi Arabia’s cultural and natural heritage.
Ziad El Chaar, CEO of Dar Global, said the company is proud to collaborate with Diriyah Co. and Dar Al Arkan on the development of the new site.
“We have delivered landmark projects across Europe and the Gulf Cooperation Council in partnership with globally recognized luxury brands. Bringing this experience to the Diriyah project, we will deliver a destination that combines heritage, elegance, and world-class standards, making Trump International Golf Club, Wadi Safar a truly iconic address,” El Chaar said.
Saudi Tourism Minister Ahmed Al-Khateeb said in a post on X that the project represents a milestone partnership and reflects momentum in developing destinations to international standards.
“From Wadi Safar in Diriyah, we laid the cornerstone for the Trump International Wadi Safar project within the Rayana Wadi Safar masterplan, which includes the launch of the Trump International Golf Club, alongside a Trump-branded hotel and a collection of luxury mansions,” he said.
Al-Khateeb added: “A milestone reflecting strong delivery momentum in developing destinations to global standards, underscoring Saudi Arabia’s growing appeal as a leading destination for tourism and investment through high-calibre international partnerships.”
Located on the outskirts of Riyadh, Wadi Safar in Diriyah is among Saudi Arabia’s most scenic and strategically important areas. It is envisioned as an upscale enclave that aligns with the wider Diriyah master plan, a central pillar of Vision 2030 aimed at economic diversification and enhancing the Kingdom’s global standing.
