Zain Q2 Net Profit Grows 17% to $138Mn

Total Page:16

File Type:pdf, Size:1020Kb

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.
Recommended publications
  • Zain-Ericsson-Economic-Impact-Of-Mobile-Communications-In-Sudan.Pdf
    Economic Impact of Mobile Communications in Sudan www.zain.com Zain Group and Telefonaktiebolaget LM Ericsson Table of Contents This briefing paper was commissioned by Ericsson (global provider of Sudan: Mobile Communication a Driver for Growth? telecommunications equipment and related services) and Zain (mobile operator active in seven Middle Eastern and fifteen sub-Saharan African countries) in order 1 Executive Summary 4-6 to describe the social and economic impact that mobile communication is having in 2 The development case for mobile telephony in Sudan 7-10 Sudan. The paper aims to give a concise overview of the key economic and social effects of mobile telephony in Sudan and the social and economic development case 3 The economic impact and business models 11-17 for continued investment in telecommunications infrastructure by foreign companies. 4 Infrastructure development, trade and access This paper summarizes the findings of three commissioned sub-reports: “The Nile to basic needs 18-20 Connection” (de Bruijn and Brinkman, February 2008) available on www.zain.com, 5 Some observed related social impacts 21-23 “Economic Impact of Mobile Communications in Sudan” (Deloitte, June 2009) and “Sudan: Mobile Communication a driver for growth?” (Majanen and Kruse, October 6 Conflict, migration and reconstruction 24-27 2008), all of which were mutually commissioned by Zain and Ericsson as part of this 7 Conclusions 28-29 study. Economic Impact of Mobile Communications Mobile telephony has been described by Professor Jeffrey Sachs as ‘the single most in Sudan by Deloitte 31-88 transformative technology development’ of recent times. «Congratulations to Zain and Ericsson on the new report on mobile communications in Sudan.
    [Show full text]
  • Facing Challenges with Innovation
    FACING CHALLENGES WITH INNOVATION SUSTAINABILITY REPORT 2014 ABOUT THE REPORT INTRODUCTION Our 2014 Sustainability Report is the fourth consolidated report detailing the sustainability performance and related Through the 2014 Sustainability Report, Zain shares with its stakeholders and other interested parties the internal achievements of Zain Group. The report provides transparent, in-depth reporting on the economic, social and and external achievements, policies and future targets of Zain, on issues pertaining to sustainability and corporate environmental impacts of our operations for the year ended December 31, 2014. Deloitte & Touche has provided responsibility. The report is the embodiment of our commitment to positively impact the socio-economic and independent limited assurance on the 2014 Sustainability Report, details of which are included in the Independent environmental sustainability of our communities. Transparent and accurate reporting represents a fundamental theme Assurance Report on page 90. in organizational sustainability, and as such, Zain remains determined to further develop its Sustainability Report every year, and share information about issues deemed most material to the organization and its key stakeholders. The 2014 Sustainability Report is formally reviewed and approved by the Head of CSSR, the CEO, the CFO, and the Head of Risk at Zain Group. Zain’s dedication to creating ‘A Wonderful World’ stems from the belief within the organization that contributing to the socio-economic development of our operating countries, improving our environmental performance, and The publication of our Sustainability Report on an annual basis underscores our dedication to sharing our growing developing our employees will ultimately lead to a more successful and profitable organization. Our actions to promote commitment to sustainability and social responsibility with our valued stakeholders and the wider public.
    [Show full text]
  • Sudan: Freedom on the Net 2017
    FREEDOM ON THE NET 2017 Sudan 2016 2017 Population: 39.6 million Not Not Internet Freedom Status Internet Penetration 2016 (ITU): 28 percent Free Free Social Media/ICT Apps Blocked: No Obstacles to Access (0-25) 16 16 Political/Social Content Blocked: No Limits on Content (0-35) 18 18 Bloggers/ICT Users Arrested: Yes Violations of User Rights (0-40) 30 30 TOTAL* (0-100) 64 64 Press Freedom 2017 Status: Not Free * 0=most free, 100=least free Key Developments: June 2016 – May 2017 ● Economic challenges intensifie with high inflatio rates in Sudan, resulting in higher cost and declining quality of services for Sudanese citizens in the past year (see Availability and Ease of Access). ● Social media users were active in organizing civil disobedience campaigns against cuts to subsidies on fuel, basic commodities, and medicine, though so-called Cyber Jihadists worked to thwart the campaigns through the impersonation of social media accounts and dissemination of misinformation (see Media, Diversity, and Online Manipulation; and Digital Activism). ● The highly restrictive Press and Printed Press Materials Law of 2004 was updated in November 2016 to include specifi clauses pertaining to online journalism, extending onerous limitations long placed on the traditional press to the online sphere (see Legal Environment). ● Arrests and harassment for online activities continued in the past year, particularly as heavy-handed censorship on the print and broadcast sectors led journalists to migrate online to disseminate news (see Prosecutions and Detentions for Online Activities; and Intimidation and Violence). 1 www.freedomonthenet.org Introduction FREEDOM SUDAN ON THE NET Obstacles to Access 2017 Introduction Availability and Ease of Access Internet freedom remained tenuous in Sudan in the past year, characterized by declining conditions Restrictions on Connectivity for affordabl access to quality ICT services and concerted effort to silence government critics amid a largescale civil disobedience campaign organized by activists on social media.
    [Show full text]
  • In Sudan Uss Winston Victor Lindberg Shares S
    Monthly Business Magazine Sudan March 2021 PRIME MINISTER Business PORT SUDAN REVIEW: HAMDOK RECEIVES A STRATEGIC REVENUE STREAM VISA CARD SUDAN AIRWAYS A NEW CHAPTER BEGINS ERICSSON IN SUDAN USS WINSTON VICTOR LINDBERG SHARES S. CHURCHILL AN INSIGHT ON INFORMATION DOCKS IN AND COMMUNICATIONS PORT-SUDAN TECHNOLOGY IN SUDAN SUDAN PREPARING FOR GLOBAL OIL & GAS EXPLORATION OTHER ROUND WITH 26 BLOCKS FETATURES SUDAN RECEIVES 800,000 COVID-19 VACCINES Sudan Business Magazine March 2021 www.sudanbusinessmagazine.com Editor editor@sudanbusinessmagazine.com Advertising advertise@sudanbusinessmagazine.com DISCLAIMER Sudan Business Magazine, publishes news, information, analysis, opinion, and commentary. The magazine includes both reported and edited content and unmoderated posts and comments containing personal opinions on a wide range of topics. Sudan Business Magazine does not routinely moderate, screens, or edits content contributed by readers. The content and any information therein are provided without warranty of any kind, including the implied warranties of merchantability, fitness for use of a particular purpose, accuracy, or noninfringement. 2 Contents 4 4 Sudan’s PM gets the country’s Polish-Sudanese political first visa card 17 consultations in Warsaw Sheikh Hamdan bin Rashid Al USS Winston S. Churchill 5 Maktoum the visionary leader 18 conducts port visit to Sudan who stood by Sudan Siemens Energy to help stabilise 19 USAID & Zain collaborate to support 6 Sudan grid for Egypt power women in business export Orca Gold’s CEO Richard
    [Show full text]
  • Disaster Response GSMA Humanitarian Connectivity Charter: Annual Report 2016
    Disaster Response GSMA Humanitarian Connectivity Charter: Annual Report 2016 FEBRUARY 2017 GSMA HUMANITARIAN CONNECTIVITY CHARTER: ANNUAL REPORT 2016 Disaster Response CONTENTS The GSMA represents the interests of mobile The GSMA Disaster Response programme aims FOREWORDS 4 operators worldwide, uniting nearly 800 operators to strengthen access to communications and with almost 300 companies in the broader mobile information for those affected by crisis in order GSMA 4 ecosystem, including handset and device makers, to reduce loss of life and positively contribute UK Department for International Development 5 software companies, equipment providers and to humanitarian response. We work to drive the internet companies, as well as organisations in creation and adoption of coordinated, impactful CREATING A CULTURE OF PREPAREDNESS: 6 adjacent industry sectors. The GSMA also produces solutions and practices that leverage the ubiquity THE STORY OF THE HUMANITARIAN CONNECTIVITY CHARTER industry-leading events such as Mobile World of the mobile technology under the umbrella of the Congress, Mobile World Congress Shanghai, Mobile Humanitarian Connectivity Charter. The Charter Today – A Global Footprint 10 World Congress Americas and the Mobile 360 Humanitarian Connectivity Charter Timeline 2015 - 2017 12 Series of conferences. Learn more at www.gsma.com/disasterresponse or contact us at disasterresponse@gsma.com THE NUMBERS 16 For more information, please visit the GSMA corporate website at www.gsma.com Follow GSMA Mobile For Development on THE CHARTER IN ACTION 18 Twitter: @GSMAm4d Follow the GSMA on Twitter: @GSMA KEY FOCUS AREAS OF 2016 22 Displacement and connectivity 23 Mobile money and humanitarian cash transfers 24 Innovation 24 REGIONAL OVERVIEWS 27 Asia Pacific 28 Middle East and North Africa 32 This initiative is currently funded by the UK Sub-Saharan Africa 36 Department for International Development (DFID), Latin America 40 and supported by the GSMA and its members.
    [Show full text]
  • Zain Group Generates Revenue of $1.3Bn, Net Profit of $147M for First Three
    Established 1961 9 Business Monday, May 10, 2021 Zain Group generates revenue of $1.3bn, net profit of $147m for first three months of 2021 KUWAIT: Zain Group, a leading mobile innovator with operations in seven markets across the Middle East and Africa, Vice-Chairman & Group announced its consolidated financial results Chairman Ahmed Al-Tahous: for the first quarter (Q1) ended March 31, CEO Bader Al-Kharafi: “We 2021. Zain served 48.5 million customers at “Board working closely with the end of the period. continue to maintain healthy Zain Group generated consolidated rev- management in mitigating enue of KD 382 million ($1.3 billion) for the cash flows and focus on first quarter of 2021, down 6 percent year- the unavoidable currency on-year (Y-o-Y). EBITDA for the quarter digital transformation in reached KD 158 million ($523 million), down devaluations and impact of 7 percent Y-o-Y, reflecting an EBITDA mar- serving communities, enter- gin of 41 percent. Net income for the quarter COVID-19 on the business” Zain Vice-Chairman and Group CEO Bader reached KD 45 million ($147 million), down 5 prises and governments” Zain Group Chairman Ahmed Al-Tahous Al-Kharafi percent Y-o-Y reflecting an Earnings Per Share of 10 fils ($0.03). Significantly, Zain Group net income grew operationally by 4 Kingdom thank all the government entities and regu- tered on expanding and monetizing our 4G, Saudi Arabia: For Q1 2021, Zain KSA percent Y-o-Y for Q1, 2021, when excluding 5. Zain KSA enters MoU with Mobily to latory authorities across our markets for FTTH and 5G networks creating vast and generated revenue of SAR 1.9 billion ($517 the one-time gain from the sale and lease unify telecom towers aiming to maximize effi- their proactivity and cooperation with the lucrative opportunities particularly related million), EBITDA for the period reached back of towers in Kuwait during Q1 2020.
    [Show full text]
  • Corruption in the Telecommunication Sector in Sudan
    [Company name] [Document title] [Document subtitle] Sudan Transparency Initiative Sudan Democracy First Group (SDFG) was formed as an umbrella group of leading Sudanese independent and democratic civil society and media actors to serve as a civil society and think tank that conduct indigenous research, analysis and advocacy on human rights, development, peace and democratic transformation in Sudan. SDFG launched the Sudan Transparency Initiative (STI) Project in March 2015 to investigate, analyze, document and disseminate credible and reliable information about the scope and scale of corruption and lack of transparency in Sudan. The overarching objective of the project is to raise awareness, promote accountability and resistance and spur grassroots anti-corruption movements in Sudan. One of the components of the project is to commission expert consultants to thoroughly research and report on corruption and lack of transparency in specific key sectors. The telecommunication sector receives considerable attention and controversy both in government circles as well as the public arena. This report is an attempt to shed light on the intricate and multifaceted structure of this sector. Contact us: info@democracyfirstgroup.org Sudan Transparency Initiative Contents Preface:................................................................................................................................................................... 4 Overview: the importance and function of the telecommunication sector: ............................. 4 Objective:
    [Show full text]
  • Growth for a Wonderful World
    GROWTH FOR A WONDERFUL WORLD SUSTAINABILITY REPORT 2011 SUSTAINABILITY REPORT 2011 REPORT SUSTAINABILITY ABOUT THIS REPORT This is our first consolidated report on the sustainability performance for Zain Group. Where possible we have reported on the economic, social, and environmental impacts of our operations in Bahrain, Iraq, Jordan, Kuwait, Lebanon, Saudi Arabia and Sudan for the year ending 31 December, 2011. In preparing this report, we have been guided by the principles of materiality, inclusivity and responsiveness from the AA1000 AccountAbility Principles Standard. We have used the Global Reporting Initiative’s (GRI) G3.1 Guidelines – the leading international guidelines for sustainability reporting and self-declare that this report meets the criteria for the Level B Application Level. Zain Sustainability Reporting Approach and Framework Regional Context: UÊ-ÌÀÕVÌÕÀi`ÊÀiÃi>ÀV ÊÊ`iÛi«iÌÊ Middle East challenges in the Middle East Industry Context: UÊ*iiÀÊÀiÛiÜ Telecommunications UÊL>Ê,i«ÀÌ}ÊÌ>ÌÛi½Ã Pilot Telecommunications Sector Supplement Global Leading Practice: Economic Environmental Social UÊ-ÕÃÌ>>LÌÞÊi>`}Ê«À>VÌViÊÀiÛiÜ UÊL>Ê,i«ÀÌ}ÊÌ>ÌÛiÊÊΰ£Ê Guidelines Guiding Principles: Materiality - Inclusivity - Responsiveness UÊ-Ì>i `iÀÊi}>}iiÌ UÊÊ£äääÊVVÕÌ>LÌÞÊ*ÀV«iÃÊ Standard 7iÊ >ÛiÊvVÕÃi`ÊÊÌ iÊÃÃÕiÃÊÌ >ÌÊÜiÊLiiÛiÊ>ÀiÊÃÌÊ>ÌiÀ>ÊÌÊÕÀÊLÕÃiÃÃ]ÊÌ>}ÊÌÊ>VVÕÌÊ}L>ÊÌÀi`ÃÊ in sustainability and corporate responsibility, as well as the regional and local contexts in which we operate. In Morocco, where we have a 15.5% interest in Wana Corporate S.A, Zain does not manage operations, and as such this operation is not part of the scope of our sustainability report. Since Zain South Sudan officially began operating in December 2011 with its new management team, this report does not include separate data for this operation.
    [Show full text]
  • Zain Group Q1 2021 Earnings Conference Call May 11, 2021
    Zain Group Q1 2021 Earnings Conference Call May 11, 2021 Chaired by: Ziad Itani Arqaam Capital Zain Group Q1 2021 Earnings Call Transcript Tuesday 11 May 2021 2:00 PM Kuwait Time ---------------------------------------------------------------------------------------------------------------- Zain Group Executive Management: Ossama Matta - Group Chief Financial Officer Kamil Hilali – Group Chief Strategy Officer Mohammad Abdal - Group Chief Communications Officer Iyadh Borgi - Group Operation & business Performance Director Aram Dehyan - Group Investor Relations Senior Manager Moderator: Ziad Itani, Arqaam Capital 1 Ziad Itani: Greetings ladies and gentlemen, this is Ziad from Arqaam Capital and I would like to welcome you all to the Zain Group's Q1 2021 Results Conference Call. It is my pleasure to host Zain Group senior management today on the call. By now you should have received the company's presentation and earnings release for the 1st quarter and detailed financials which have all been uploaded on the Group's website. Now without further delay, I will hand the call to Mohammad Abdal, Zain Group's Chief Communications Officer. Thank you. Mohammad Abdal: Thank you, Ziad. And welcome everyone to Zain’s Q1 2021 earnings conference call. With me today Ossama Matta, Group CFO, Kamil Hilali, Group Chief Strategy Officer, Iyadh Borgi, the Operation & business Performance Director and Aram Dehyan, IR Senior Manager. In a moment, we will take you through the IR presentation which has been posted earlier today on our corporate website, and after that we're happy to answer any question you may have. During this call, we will be making forward-looking statements which are predictions, projections or other statements about future events.
    [Show full text]
  • Retirement Board Meeting of October 14, 2020 Jayhuish~V
    City and County of San Francisco SFERS Employees' Retirement System San Francisco Employees' Retirement System RETIREMENT BOARD CALENDAR SHEET Retirement Board Meeting of October 14, 2020 To: Retirement Board Through: JayHuish ~V William J. Coaker Jr., CFA, MBA Executiv~ tb r Chief Investment Officer Kurt Braitberg, CFA, CAIA Managing Director, Public Markets From: Andrew Collins Adrienne van Schulthess Director of ESG Investing Security Analyst, ESG Investing Date: October 14, 2020 Agenda Item: Targeted Divestment in Sudan: Level Ill of SFERS ESG Investment Policy Background: In November 2006, the Retirement Board (the "Board") approved the implementation of Level Ill of SFERS' Social Investment Procedures with respect to divestment from Sudan. Each year, utilizing research from MSCI ESG Research LLC ("MSCI ESG") and other sources, investment staff ("Staff') reviews the business activities of companies in Sudan and prepares a set of recommendations for the Board's review and consideration. In addition, Staff regularly reviews the SFERS Criteria for Divestment regarding targeting divestment in Sudan. These criteria were last updated at the February 12, 2020 Board meeting. This report describes recommended updates to the list of companies restricted due to their activities in Sudan, details the performance impact of not owning these companies in the SFERS' investment portfolio over the past year and since the inception of the restriction, and provides an update on political and humanitarian developments in Sudan over the past 12 months. Recommendation: Staff recommends that the Board reaffirm its intent to remain divested from certain companies operating in Sudan based on criteria approved at the February 12, 2020 Board meeting, and adopt the list of restricted companies identified in Appendix C.
    [Show full text]
  • Zain Group Financial Results
    Zain Group Financial Results Q3 2020 Disclaimer ❖ Mobile Telecommunications Company KSCP “Zain Group” has prepared this presentation to the best of its abilities, however, no warranty or representation, express or implied is made as to the adequacy, correctness, completeness or accuracy of any numbers, statements, opinions, estimates, or other information contained in this presentation. ❖ Certain portions of this document contain “forward-looking statements”, which are based on current expectations and reasonable assumptions, we can however give no assurance they will be achieved. ❖ The information contained in this presentation is subject to change and we disclaim any obligation to update you of any such changes, particularly those pertaining to the forward-looking statements. ❖ Furthermore, it should be noted that there are a myriad potential risks, uncertainties and unforeseen factors that could cause the actual results to differ materially from the forward-looking statements made herein. ❖ Accordingly, this presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for, or otherwise acquire or dispose of, securities in any company within Zain Group. For further information about Zain Group, or the materials contained within this presentation, please direct your enquiries to our Investor Relations team via email at IR@zain.com or visit www.zain.com/en/investor-relations/ 2 Content 1. Results Review 2. Operations review 3. Financial Statements
    [Show full text]
  • Zain Group Q1 & Q2 2020 Earnings Conference Call
    Zain Group Q1 & Q2 2020 Earnings Conference Call 21 July 2020 Chaired by: Omar Maher EFG Zain Group Q1 & Q2 2020 Earnings Call Transcript Tuesday 21st July 2020 2:00 PM Kuwait Time ---------------------------------------------------------------------------------------------------------------- Zain Group Executive Management: Scott Gegenheimer - Group Chief Executive Officer - Operations Mohammad Abdal - Group Chief Communications Officer Mohammed Shereef - Group Executive Finance Director Aram Dehyan - Group Investor Relations Senior Manager Moderator: Omar Maher, EFG Hermes 1 Operator: Good afternoon ladies and gentlemen, thank you for standing by. Welcome to today's Zain Group's First Half 2020 Results Conference Call. At this time, all participants are in listen-only mode. There will be a presentation followed by a question and answer session at which time if you wish to ask a question, you will need to press star-one on your telephone and wait for your name to be announced. I must advise you that this conference is being recorded today, Tuesday, 21st of July 2020. I would now like to hand the conference over to your first speaker today, Omar Maher. Thank you, please go ahead Omar Maher: Greetings ladies and gentlemen, this is Omar from EFG and I would like to welcome you all to the Zain Group's First Half 2020 Results Conference Call. It is my pleasure to host Zain Group senior management today on the call. By now you should have received the company's presentation and earnings release for the second quarter and detailed financials which have all been uploaded on the Group's website. Now without further delay, I will hand the call to Mohammad Abdal, Zain Group's Chief Communications Officer.
    [Show full text]