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
Gulf-EU value chain integration signals shift toward long-term economic partnership: GCC secretary general
RIYADH: Value chains between the Gulf and Europe are poised to become deeper and more resilient as economic ties shift beyond traditional trade toward long-term industrial and investment integration, according to the secretary general of the Gulf Cooperation Council.
Speaking on the sidelines of the World Governments Summit 2026 in Dubai, Jasem Al-Budaiwi said Gulf-European economic relations are shifting from simple commodity trade toward the joint development of sustainable value chains, reflecting a more strategic and lasting partnership.
His remarks were made during a dialogue session titled “The next investment and trade race,” held with Luigi Di Maio, the EU’s special representative for external affairs.
Al-Budaiwi said relations between the GCC and the EU are among the bloc’s most established partnerships, built on decades of institutional collaboration that began with the signing of the 1988 cooperation agreement.
He noted that the deal laid a solid foundation for political and economic dialogue and opened broad avenues for collaboration in trade, investment, and energy, as well as development and education.
The secretary general added that the partnership has undergone a qualitative shift in recent years, particularly following the adoption of the joint action program for the 2022–2027 period and the convening of the Gulf–European summit in Brussels.
Subsequent ministerial meetings, he said, have focused on implementing agreed outcomes, enhancing trade and investment cooperation, improving market access, and supporting supply chains and sustainable development.
According to Al-Budaiwi, merchandise trade between the two sides has reached around $197 billion, positioning the EU as one of the GCC’s most important trading partners.
He also pointed to the continued growth of European foreign direct investment into Gulf countries, which he said reflects the depth of economic interdependence and rising confidence in the Gulf business environment.
Looking ahead, Al-Budaiwi emphasized that the economic transformation across GCC states, driven by ambitious national visions, is creating broad opportunities for expanded cooperation with Europe.
He highlighted clean energy, green hydrogen, and digital transformation, as well as artificial intelligence, smart infrastructure, and cybersecurity, as priority areas for future partnership.
He added that the success of Gulf-European cooperation should not be measured solely by trade volumes or investment flows, but by its ability to evolve into an integrated model based on trust, risk-sharing, and the joint creation of economic value, contributing to stability and growth in the global economy.
GCC–EU plans to build shared value chains look well-timed as trade policy volatility rises.
In recent weeks, Washington’s renewed push over Greenland has been tied to tariff threats against European countries, prompting the EU to keep a €93 billion ($109.7 billion) retaliation package on standby.
At the same time, tighter US sanctions on Iran are increasing compliance risks for energy and shipping-related finance. Meanwhile, the World Trade Organization and UNCTAD warn that higher tariffs and ongoing uncertainty could weaken trade and investment across both regions in 2026.
