Zain Group has revealed its financial result – revenue, profit, customer base, Capex – during January-March 2024.
Zain Group has posted revenue of KD 466 million ($1.5 billion) for the first quarter of 2024.
Zain has registered EBITDA of $480 million, reflecting an EBITDA margin of 32 percent, and net income of $95 million.
Zain said its data revenue grew 1 percent to $595 million, representing 39 percent of the Group’s overall revenue.
Zain Group invested $39 million in Capex rolling out 5G and FTTH. Telecom markets such as Kuwait, KSA, Bahrain, and Jordan have added 5G customers.
Fintech services Group-wide (Tamam in KSA, Zain Cash in Iraq and Jordan) report exponential growth as total revenue grows 49 percent, with transaction value increasing 82 percent to reach USD 3 billion
ZainTECH reported five-fold increase in revenues.
Digital services including Dizlee API platform achieved revenue growth of 22 percent.
“Our 5G customer base in Kuwait, KSA, Bahrain, and Jordan continues to grow, as these high-speed and reliable networks empower us to offer appealing digital technologies and services to both our individual and enterprise customers, enhancing their data experience,” Bader Al-Kharafi, Zain Vice-Chairman and Group CEO, said.
Zain Kuwait’s customer base grew 2 percent to 2.7 million. Revenue for Q1 2024 rose 7 percent to $303 million. Data revenue accounts for 36 percent of total revenue.
Zain KSA’s revenue grew by 5 percent to $676 million. The operator’s data revenue grew 7 percent, representing 41 percent of total revenue, and active customers increased 1 percent to stand at 8.8 million.
Zain Iraq’s Q1 2024 revenue increased 14 percent to reach $253 million. The customer base increased 2 percent to 18.7 million, reflecting a market leading position.
Operational and network challenges in Zain Sudan impacted the results significantly. Revenue for the quarter reached $50 million, a drop of 70 percent.
Zain Jordan revenue grew 3 percent to reach USD 132 million. Data revenue grew 7 percent on the back of its 5G network, representing 52 percent of total revenue. The customer base increased by 4 percent to stand at 4 million.
Zain Bahrain generated revenue of $52 million, an increase of 7 percent. Data revenue grew 7 percent to represent 45 percent of total revenue.
