18 January 2012
Zain Saudi announced its Interim Financial Statements for the period ended December 31, 2011 as follows:
1. Net loss during the 4th quarter amounted to SR 461 million compared to SR 521 million for the same quarter last year, which represents a decrease of 11%, and compared to a net loss of SR 484 million for the previous quarter, which represents a decrease of 5%.
2. Gross profit during the 4th quarter amounted to SR 691 million compared to SR 826 million for the same quarter last year, which represents a decrease of 16%.
3. Loss from operations during the 4th quarter amounted to SR 213 million, compared to SR 179 million for the same quarter last year, which represents an increase of 19%.
4. Net loss during the twelve-month period amounted to SR 1,925 million, compared to SR 2,358 million for the same period last year, which represents a decrease of 18%.
5. Loss per share during the twelve-month amounted to SR 1.38 compared to SR 1.68 for the same period last year.
6. Gross profit during the twelve-month period amounted to SR 3,200 million compared to SR 2,530 million for the same period last year, which represents an increase of 26%.
7. Loss from operations during the twelve-month period amounted to SR 811 million, compared to SR 1,164 million for the same period last year, which represents a decrease of 30%.
8. Revenues from services during the twelve-month period amounted to SR 6,699 million compared to SR 5,934 million for the same period last year, which represents an increase of 13%.
9. In connection with these results, Zain Saudi confirmed that the principal reasons for the decrease in net loss in the fourth quarter relates to decreased cost of international calls termination within international networks, also due to decreased cost of networks maintenance and cost of local and international leased lines in context with improving quality of the companys network, as well as the decreased distribution and marketing expenses.
It is worth mentioning that revenues for the 4th quarter amounted to SR 1,715 million compared to SR 1,728 million for the same quarter last year, which represents a decrease of 1% resulted from the decreased international outbound traffic after raising their rates as a commitment to the decisions and guidelines of Communication and Information Technology Commission CITC.
Having said that, revenues during the twelve-month period amounted to SR 6,699 million compared to SR 5,934 million for the same period last year, which represents an increase of 13%.
Also worth mentioning, the company recorded positive EBITDA during 4th quarter amounted to SR 260 million compared to SR 209 million during the corresponding period last year, which represents an increase of 24%.
10. It has been stated in the auditors review report an emphasis of matter as follows: Without modifying our report, we draw attention to Note 1 to the interim financial statements. The Company incurred net loss for the year ended December 31, 2011 and its current liabilities exceeded its current assets and has accumulated deficit as of that date. The Company believes that it will be successful in meeting its obligations in the normal course of operations and its efforts in securing the necessary funding which is conditional to the Companys capital restructuring. Accordingly, the accompanying interim financial statements have been prepared under the going concern basis.
Zain Saudi announced its Interim Financial Statements for the period ended December 31, 2011 as follows:
1. Net loss during the 4th quarter amounted to SR 461 million compared to SR 521 million for the same quarter last year, which represents a decrease of 11%, and compared to a net loss of SR 484 million for the previous quarter, which represents a decrease of 5%.
2. Gross profit during the 4th quarter amounted to SR 691 million compared to SR 826 million for the same quarter last year, which represents a decrease of 16%.
3. Loss from operations during the 4th quarter amounted to SR 213 million, compared to SR 179 million for the same quarter last year, which represents an increase of 19%.
4. Net loss during the twelve-month period amounted to SR 1,925 million, compared to SR 2,358 million for the same period last year, which represents a decrease of 18%.
5. Loss per share during the twelve-month amounted to SR 1.38 compared to SR 1.68 for the same period last year.
6. Gross profit during the twelve-month period amounted to SR 3,200 million compared to SR 2,530 million for the same period last year, which represents an increase of 26%.
7. Loss from operations during the twelve-month period amounted to SR 811 million, compared to SR 1,164 million for the same period last year, which represents a decrease of 30%.
8. Revenues from services during the twelve-month period amounted to SR 6,699 million compared to SR 5,934 million for the same period last year, which represents an increase of 13%.
9. In connection with these results, Zain Saudi confirmed that the principal reasons for the decrease in net loss in the fourth quarter relates to decreased cost of international calls termination within international networks, also due to decreased cost of networks maintenance and cost of local and international leased lines in context with improving quality of the companys network, as well as the decreased distribution and marketing expenses.
It is worth mentioning that revenues for the 4th quarter amounted to SR 1,715 million compared to SR 1,728 million for the same quarter last year, which represents a decrease of 1% resulted from the decreased international outbound traffic after raising their rates as a commitment to the decisions and guidelines of Communication and Information Technology Commission CITC.
Having said that, revenues during the twelve-month period amounted to SR 6,699 million compared to SR 5,934 million for the same period last year, which represents an increase of 13%.
Also worth mentioning, the company recorded positive EBITDA during 4th quarter amounted to SR 260 million compared to SR 209 million during the corresponding period last year, which represents an increase of 24%.
10. It has been stated in the auditors review report an emphasis of matter as follows: Without modifying our report, we draw attention to Note 1 to the interim financial statements. The Company incurred net loss for the year ended December 31, 2011 and its current liabilities exceeded its current assets and has accumulated deficit as of that date. The Company believes that it will be successful in meeting its obligations in the normal course of operations and its efforts in securing the necessary funding which is conditional to the Companys capital restructuring. Accordingly, the accompanying interim financial statements have been prepared under the going concern basis.
© Tadawul 2012
