Zain Group posts $570m in 9 month profits

GMT 23:37 2014 Monday ,03 November

Arab Today, arab today Zain Group posts $570m in 9 month profits

Zain Group
Kuwait - KUNA

For the first nine months of 2014, Zain Group generated stable consolidated revenues of USD 3.3 billion (KD 921 million), while consolidated EBITDA for the period reached USD 1.4 billion (KD 389 million) down 2 percent, reflecting a healthy EBITDA margin of 42.2 percent.
Consolidated net income reached USD 570 million (KD 161 million), reflecting a 2 percent Y-o-Y decrease and Earnings Per Share of USD 0.15 (KD 0.041) for the nine-month period, the group said in a press release.
Commenting on the results, Zain Group Chairman Asaad Al-Banwan said: "Zain's ability to maintain relatively stable revenues and healthy EBITDA and profit margins for the first nine months of the year is an achievement, reflecting the company's ability to deal competently with the rise in competition and the other business and social challenges it faces." The Chairman continued: "As a market leader in six of our eight operations, the Board remains focused on further strengthening our dominant presence in our home market of Kuwait while at the same time investing in network upgrades and enhancing our positions across all our other markets." He added that the group is constantly evaluating business enhancing and acquisition opportunities that will drive value for shareholders.
Zain is a leading telecommunications operator across the Middle East and Africa providing mobile voice and data services to over 43.7 million active customers as of 30 September, 2014.
With a commercial presence in 8 countries, Zain operates in: Bahrain, Iraq, Jordan, Kuwait, Saudi Arabia, Sudan and South Sudan. In Lebanon, the Group manages 'touch' on behalf of the government. In Morocco, Zain has a 15.5 percent stake in Wana Telecom, now branded 'INWI', through a joint venture.

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