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Zain Q2 Net Profit Grows 17% to $138Mn

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Zain Q2 Net Profit Grows 17% to $138Mn ARAB TIMES, THURSDAY, JULY 15, 2021 BUSINESS 9 BOARD RECOMMENDS HALF-YEAR DIVIDEND OF 10 FILS Zain Q2 net profit grows 17% to $138mn Zain Group headquarters building in Kuwait City. Net income rises by 5% to reach $285 million for H1 2021 KUWAIT CITY, July 14: Zain Group, a develop into a regional gaming powerhouse is taking shape.” leading telecommunications innovator op- On Zain’s Wholesale business, Al-Kharafi noted; “We erating in seven markets across the Middle have recently revamped our wholesale carrier company, East and Africa, announces its consoli- ‘Zain Global Services’, consolidating and providing it dated financial results for the six months the resources to open new revenue streams and manage the capacity, voice, messaging and roaming businesses to June 30, 2021. Zain served 48.3 million across Zain’s operating companies. Zain Global Services customers at the end of the period, a 1% will ultimately evolve to become a truly regional carrier increase year-on-year (Y-o-Y). and the single interface for all of Zain’s operating com- For the first six months of 2021 (H1) Zain Group pany requirements, as well as for other international car- generated consolidated revenue of KD 750 million riers having requirements within the region.” “Over recent years, Zain has been evolving to become (USD 2.5 billion), a decrease of 3% Y-o-Y. EBITDA a fully integrated service provider and has been focus- for the period reached KD 310 million (USD 1.03 bil- ing on enterprise segments for additional synergies and lion), down 6% Y-o-Y, reflecting an EBITDA margin growth. Given that the wholesale industry has at its core of 41%. Net income amounted to KD 86 million (USD the transformation of the infrastructure enabling global 285 million), up 5% Y-o-Y, reflecting earnings per connectivity, Zain considers the development of its share of 20 fils (USD 0.07). wholesale business as a key area to the telco’s overall For H1 2021, foreign currency translation was im- transformation. It is worth noting that our B2B revenue pacted mainly due to the currency devaluation in Sudan has grown an impressive 16% over the year, and we are from 55 in January 2021 to 444 (SDG / USD) end of June elated to land several lucrative corporate accounts in key 2021, and a 19% currency devaluation in Iraq from an markets.” 1,190 to 1,470 (IQD / USD), cost the Group USD 378 Al-Kharafi concluded by commenting on the recently million in Revenue and USD 233 million in EBITDA. held EGM, “The amendments and new provisions to Group Key Performance Indicators (KD and USD) for the company’s articles approved by the Assembly will the second quarter (Q2) of 2021 help the Group in its execution of our ‘4Sight’ growth In the second quarter of 2021 (Q2), Zain Group gener- strategy, providing the Board of Directors and executive ated consolidated revenue of KD 369 million (USD 1.2 management greater fl exibility, while we focus on digital billion), remaining relatively stable compared to the prior innovation and seek new lucrative opportunities in the period. EBITDA for the quarter reached KD 152 million ICT arena across the region and beyond.” (USD 506 million), down 5% Y-o-Y, refl ecting an EBIT- Financial KPIs of key markets for six-month period DA margin of 41%. Net income for the quarter amounted (H1) ended June 30, 2021 to KD 41 million (USD 138 million), up 17% Y-o-Y, re- Ahmed Al Tahous, Zain Group Chairman Bader Al-Kharafi, Zain Vice-Chairman and Group CEO Kuwait: Maintaining its market leadership, the fl ag- fl ecting earnings per share of 10 fi ls (USD 0.03). ship operation of Zain Group saw its customer base serve For Q2 2021, foreign currency translation was im- 26 live services resulting in a healthy Y-o-Y increase in new business verticals and revenue streams. Our excellent 2.4 million. The Group’s most profi table operation saw pacted mainly due to the currency devaluation in Sudan revenue with approximately 5 million transactions per performance is even more satisfying when one considers its H1 2021 revenue grow by 4% to reach USD 515 mil- from 55 in January 2021 to 444 (SDG / USD) end of June month. the unavoidable currency devaluations in Iraq and Sudan, lion (KD 155 million), with EBITDA increasing by 11% 2021, and a 19% currency devaluation in Iraq from 1,190 10. Zain named winner in three categories at the annual which had considerable impact on the fi nancials.” to USD 194 million (KD 59 million), refl ecting an EBIT- to 1,470 (IQD / USD), cost the Group USD 215 million in Global Good Governance Awards 2021: Best of the Best “To minimize the impact of the currency devaluations, DA margin of 38%. The operator recorded net income of Revenue and USD 175 million in EBITDA. in Diversity Award 2021; Leadership in Sustainability management has proactively undertaken decisive cost USD 123 million (KD 37 million). Data revenue grew by Key Operational Notes for H1 2021 Award 2021; and Championship Award in Women Em- optimization initiatives across all markets, and both Zain 5% Y-o-Y and represented 40% of total revenue. 1. Extraordinary General Assembly held in June 2021 powerment 2021. Iraq and Zain Sudan have revamped prices and are now The operator continues to grow its 5G mobile and saw the approval of the Board of Directors’ recommen- 11. Zain recognized with prestigious World Finance offering new attractive data monetization packages.” broadband customers and resulting revenue, capturing dation to distribute interim dividends, quarterly or semi- Best Corporate Governance Award 2021 for Kuwait. “Operationally, most of our markets recorded growth the largest 5G customer and revenue market share in the annually. Commenting on H1 2021 results, Chairman of the Board in Q2 as compared to the same period a year earlier. The country. 2. Board meeting held on July 14 recommends an in- of Directors of Zain Group, Ahmed Al Tahous said, “The healthy growth in Kuwait was powered by its incompa- Saudi Arabia: For H1 2021, the operator generated terim dividend of 10 fi ls per share for fi rst six months Board’s key focus during these challenging times has been rable 5G network that sees the operator capturing the Revenue of SAR 3.8 billion (USD 1 billion), with EBIT- of 2021 as part of the minimum 33 fi ls annual dividend to support management in its endeavors to be future-ready largest market share in the country. Similarly, quality DA amounting to SAR 1.5 billion (USD 401 million), policy, subject to Regulatory approvals. to fully exploit the next phase of growth in driving share- networks were instrumental in the robust profi t growth in refl ecting an EBITDA margin of 39%. Net income for 3. Zain Group achieved consolidated data revenue of USD holder value. We remain focused on providing meaningful Iraq, Jordan, Sudan, and Bahrain, while in Saudi Arabia the period reached SAR 83 million (USD 22 million). 1.05 billion, representing 42% of the Group’s revenue. connectivity and minimizing the impact of the pandemic the operator continues to receive international accolades Having the Kingdom’s largest 5G network covering 50 4. Throughout the fi rst six-months, Zain Group in- on society by implementing digitalization initiatives to for the reach, speed and quality of its 5G network.” cities, data revenue represented 50% of total revenue and vested over USD 491 million in CAPEX refl ecting 20% better serve communities, businesses, and governments. “Moreover, it’s rewarding that for the fi rst time in its customers served stood at 7.4 million, a 4% increase. of revenue, predominantly in expansion of Fiber-to-the- I would like to thank all the government ministries and history, Zain KSA achieved Retained Earnings after re- Iraq: Zain Iraq’s H1 2021 revenue reached USD 376 mil- Home (FTTH) infrastructure; spectrum fees; 4G up- regulatory authorities across our markets for their wisdom porting its profi tability for the 12th consecutive quarter lion, and EBITDA amounted to USD 145 million, refl ecting grades and new network sites across its markets, as well and understanding of the emerging industry dynamics and and extinguishing all accumulated losses in accordance an EBITDA margin of 39%. Net profi t reached USD 24 mil- as 5G rollouts in Kuwait, Saudi Arabia, and Bahrain. support of the telecom sector at large.” with its capital restructuring strategy, and we look for- lion for the period. The operator’s customer base increased 5. Zain KSA reports profi tability for the 12th consecu- Bader Nasser Al-Kharafi , Zain Vice-Chairman and ward to the operator exploiting the enormous potential by 7% to reach 16.1 million customers maintaining its mar- tive quarter and achieving Retained Earnings after extin- Group CEO commented, “The Board’s recommendation of the Saudi telecom market and entering a new era of ket leading position. It should be noted that the Iraqi dinar guishing all accumulated losses to pay a half-year dividend of 10 fi ls per share (as part growth. Congratulations to the Zain KSA board and man- devaluation also impacted Zain Iraq’s revenue by USD 88 6. Enterprise (B2B) business arm continues to witness of the 33 fi ls) is a result of our strong balance sheet and agement team for this decisive milestone.” million for the six-month period. strong growth across several key markets landing key re- the solid operational performance attained by the Group Commenting on the success of Zain’s focus on reaping Sudan: For H1 2021, Zain Sudan generated revenue gional clients.
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