Telecom operator Zain Group has reported revenue of $6.4 billion and EBITDA of $2.25 billion and EBITDA margin of 35 percent in 2024.

Zain Group invested %1.1 billion in Capex during 2024, representing 17 percent of revenue, focusing on 4G and 5G rollouts, FTTH expansion, and spectrum licenses.
Data revenue of Zain grew 1 percent to $2.44 billion, making up 38 percent of total revenue. Enterprise revenue increased by 8 percent, driven by B2B mobility and ZainTECH’s 103 percent growth. Zain Group’s fintech revenue grew 19 percent, with total transactions reaching $12.4 billion.
Dizlee, the API platform, saw a 19 percent revenue increase, now offering over 220 services from 44 partners and launching an API Marketplace. Digital operators, including Saudi Arabia’s ‘Yaqoot’ and Iraq’s ‘oodi,’ showed strong revenue growth through innovation.
Zain Omantel International (ZOI) achieved 455 percent revenue growth, ranking as the highest in the region and among the top 100 networks globally.
On the digital front, Zain’s social media presence surpassed 35 million followers, while its YouTube content gained over 200 million views through engaging and relevant material.
Zain Group demonstrated a strong financial performance across its key markets in 2024, with notable growth in several regions despite challenges in others.
In Kuwait, the company maintained market leadership with a 2.6 million customer base and a 4 percent revenue growth, reaching KD 373 million (USD 1.2 billion). EBITDA increased 6 percent to KD 139 million (USD 454 million), with a net income surge of 37 percent to KD 110 million (USD 358 million), benefiting from an $80 million gain from the IHS (Kuwait TowerCo) acquisition. Data revenue accounted for 35 percent of total revenue.
Saudi Arabia reached record revenue of USD 2.8 billion, growing 5 percent YoY, with EBITDA at USD 886 million and an EBITDA margin of 32 percent. Net income increased 354 percent YoY to USD 159 million, excluding the one-off gain from tower sales in 2023. The 5G network expanded to 66 cities, boosting data revenue growth by 5 percent to represent 40 percent of total revenue, while the customer base grew to 9.3 million.
In Iraq, revenue rose by 11 percent to USD 1.1 billion, with EBITDA growing 18 percent to USD 441 million and a net profit increase of 47 percent to USD 130 million. The operator’s customer base expanded 10 percent to 19.7 million, driven by network expansion and strong data segment growth.
Sudan faced a revenue decline of 53 percent to USD 260 million due to ongoing crises and currency devaluation, with EBITDA falling 58 percent to USD 112 million. Net income dropped 47 percent to USD 116 million, though the customer base grew to 10.1 million. Efforts to restore the network led to the operation of nearly 1,300 sites, with Star-Link service supporting backhauling for over 100 sites.
Zain Jordan saw a 6 percent revenue increase to USD 556 million, with EBITDA growing 4 percent to USD 224 million and net income up 3 percent to USD 79 million. The expansion of 4G, Fiber, and the launch of 5G helped data revenue grow 8 percent to represent 51 percent of total revenue. The customer base increased by 6 percent to 4.2 million, maintaining market leadership.
In Bahrain, revenue grew 7 percent to USD 205 million, with EBITDA increasing 5 percent to USD 63 million and net income rising 2 percent to USD 15.7 million. Data revenue increased 6 percent and accounted for 46 percent of total revenue.
Baburajan Kizhakedath