Zain revenue, EBITDA and profit drop due to Sudan currency issue

Zain posted revenues of KD 259 million or $860 million (–6 percent), EBITDA of KD 104 million or $346 million (–23 percent) with EBITDA margin of 40 percent and net income of KD 40 million or $133 million (–6 percent) for the third quarter of 2017.

Impact due to foreign currency, mainly 63 percent drop in currency vale in Sudan, cost the company $148 million in revenue and $20 million in net income.

Excluding the currency impact, Zain would have reported 11 percent increase in revenue and 9 percent increase in net income in Q3, 2017.

Zain said its data revenues excluding SMS and VAS rose 3 percent for the first nine months of 2017, representing 25 percent of the total revenues.

Zain Group chairman Mohannad Al-Kharafi said: “The focus on expanding our high-quality networks is proving instrumental as we recorded growth in several key financial metrics across many of our markets.”

Zain has generated revenue of $820 million from Kuwait, $811 million from Iraq, $315 million from Sudan, $1.5 billion from Saudi Arabia, $371 million from Jordan and $148 million from Bahrain in the first nine months of 2017.

Latest

More like this
Related

Iliad reveals $3.1 bn investment in AI infrastructure

Iliad, the French telecoms group, announced a €3 billion...

Proximus CEO Guillaume Boutin to join Vodafone

Telecom operator Proximus Group has announced the departure of...

Telenor strategies fail to improve revenue growth

Telenor has reported revenue of NOK 20.498 billion in...

Airtel reveals strategies for revenue growth and customer acquisition

Bharti Airtel has focused on multiple strategic initiatives to...