Zain KSA shows consistent financial and operational growth upon recording triple-digit growth in net profit and comprehensive income during the first nine months of 2022.
As seen on the Saudi Exchange portal, Zain KSA recorded 170% and 109% growth in comprehensive income and net profit, respectively, during the first nine months of 2022. Comprehensive income reached SAR 516 million compared to last year’s period of SAR 191 million, while net profit hit SAR 299 million compared to last year’s period of SAR 143 million.
Total revenues amounted to SAR 6.7 billion by the end of Q3 2022, with this quarter alone garnering SAR 2.3 billion — a YoY increase of 15%.
With these results, Zain KSA continues to reflect positive financial performance, backed by strong operational and investment performance and an improved customer experience that leverages the latest digital services. The results are attributed to Zain KSA’s efforts to further deepen the 5G experience for all its customers — B2C, B2B and B2G — in addition to the resumption of the Hajj season, which further fueled demand for its services. The expansion of Zain KSA’s innovative digital offerings, including the Yaqoot App bundles and Tamam Financing, Zain KSA’s FinTech subsidiary, has further driven demand and spurred revenue growth.
Zain KSA’s 9M 2022 Financial Highlights - All figures are in SAR, millions
Commenting on the financial results, Eng. Sultan bin Abdulaziz Al-Deghaither, CEO of Zain KSA, said: “These results confirm Zain KSA’s reliability and attractiveness to our diverse customer base as a 5G partner of choice, an enabler of digital solutions and a market-leading provider of innovative and efficient digital products. During the third quarter of 2022, we continued to deepen our 5G network experience and upgrade our digital infrastructure to serve individuals, enterprises, and giga-projects in Saudi Arabia with the ultimate goal of positioning the Kingdom among the world’s future tech leaders and providing ultra-fast, reliable Internet.”
“In addition to attracting and localizing the latest technologies, during Q3 2022 we continued to support young national talent and provide employment and training opportunities for them. We participated in the 8th edition of ‘A Step Ahead’ career fair, where we reached out to young talents seeking to leverage their competencies to accelerate the ICT sector localization,” added the CEO.
Zain KSA has recently stepped up its contribution to the regional eSports sector by rolling out the new regional digital entertainment platform PLAYHERA MENA. Additionally, as part of its environmental sustainability action and encouraging the transition to a circular economy, Zain KSA was one of the first companies to support the “Recycle Your Device” e-waste recycling campaign launched by the Communications and Information Technology Commission.