Zain KSA has achieved SAR 134 million in net profit during the second quarter of 2022 (Q2), an impressive 219% growth compared to the same period of 2021 and a 65% increase compared to the first quarter of 2022 (Q1). A 16% year-over-year (YoY) growth in revenues was also recorded during Q2 2022, hitting SAR 2.2 billion.
These results are mainly driven by sustained growth in 5G and B2B revenues as well as higher demand owing to the resumption of Umrah and international travel after the relaxing of COVID-19 restrictions.
This positive financial performance coincides with Zain KSA’s expansion of its portfolio of digital products and solutions, aiming to provide the most innovative services and the best customer experience. Zain KSA has reaffirmed its commitment to being the preferred choice for all segments of customers (individuals, businesses and governments) by pursuing an ambitious vertical expansion plan, especially in the areas of 5G and cloud computing services with their wide range of use cases in AI, VR, AR and the IoT.
Commenting on the financial results, Zain KSA CEO Eng. Sultan bin Abdulaziz Al-Deghaither said, "Through our strategic partnerships with global players, we were able to transform the 5G experience in Saudi Arabia. At the same time, we matched our world-class partnerships with the enabling digital infrastructure required to ensure the best results. In this regard, we are connecting the Middle East with the rest of the world through a system of submarine cables J2M (Jeddah, Saudi Arabia to Marseille, France). Jeddah will be the cable landing station for Saudi Arabia’s portion of the PEACE cable system. Our aim is to enhance our capabilities when it comes to international infrastructure while making available to global carriers and enterprises operating in the Kingdom a brand-new entry point in Saudi Arabia for their connectivity requirements in order to serve their communication needs according to the best quality standards.”
Al-Deghaither continued, "In line with the goals of Saudi Vision 2030, we believe at Zain KSA in the importance of investing in human capital development, especially young national talent. This belief led us to earn the ‘Labor Award’ for job localization in the Information and Communications Technology sector from the Ministry of Human Resources and Social Development (HRSD). As part of our continuing efforts in this area, we recently launched the Evolve program, which aims to provide workplace training and skill development to one hundred fresh graduates.”
Zain KSA has also expanded its Zain Cloud portfolio, showcasing six new services and products and had earlier obtained a class (C) rating, the highest cloud computing rating in Saudi Arabia.