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 Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
