Health Care

Zain Group posts KD 137 mln net profits in 9 months

KUWAIT, Zain Group on Wednesday announced that it posted KD 137 million (about USD 454 million) net profits for nine months of 2018 compared with KD 122 million (about USD 404 million) in the same period of 2017.

Earnings Per Share (EPS) amounted to 32 Fils (USD 0.10) for the nine-month period, the group said in a press statement.

Main financial indicators achieved development during the nine months, thanks to a clear improvement in database of customers and development in data in some of main markets, it added.

Consolidated revenues in the mentioned period reached KD 906 million (USD three billion), an increase of 18 percent, compared with KD 767 million (about USD 2.5 billion) in the same period of 2017, it noted.

Earnings before interest, tax, depreciation and amortization (EBITDA) hit KD 324 million (about USD 1.1 billion), an increase of three percent, compared with KD 316 million (about one billion) for the same period in 2017. Total customers served rose 5 percent to 47.8 million for six months, it pointed out.

The application of IFRS 15 accounting standards from the beginning of 2018 significantly impacted EBITDA, according to the statement.

Net income for the three months reached KD 51 million (USD 167 million), posting 26 percent increase Y-o-Y. Earnings Per Share for the third-quarter reached 12 Fils (USD 0.03).

For the third quarter of 2018, the group generated consolidated revenues of KD 403 million (USD 1.3 billion), up 55 percent Y-o-Y in KD terms. EBITDA for the quarter reached KD 155 million (USD 512 million), an increase of 48 percent Y-o-Y, reflecting a 38 percent EBITDA margin, the statement said.

Chairman of the Board of Directors of Zain Group Ahmed Al Tahous said “It is rewarding to be able to report growth in key financial metrics for the third-quarter and nine-month periods of 2018 given the challenging market conditions across our footprint”.

He added that these promising results highlight the Group’s success in implementing strategic plans, that are dynamic in meeting with the sweeping changes in the ICT sector.

Zain Group was founded in 1983 in Kuwait as the 1st mobile telecommunications company in the Middle East and Africa. It was enlisted in Boursa Kuwait in 1985.

Source: Kuwait News Agency