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MANAMA: Zain Bahrain has reported a net profit of BD1.246 million in the second quarter this year, an increase of 61 per cent year-on-year (YoY) from BD0.776m for the same period in 2020.
Earnings per share for Q2 2021 increased to 3 fils per share as compared to 2 fils per share in Q2 2020.
Revenues for the quarter amounted to BD16.22m, an 8.5pc increase as compared with BD14.954m in Q2 2020.
Operating profit in Q2 2021 also saw a 41.3pc increase to BD1.491m, as compared with BD1.054m recorded in Q2 2020.
Zain Bahrain said the profit increase was a result of consistent product and service innovation, operational efficiency and distinguished customer experience while it further expanded its 5G network and invested significantly in accelerated data growth across its mobile and fixed networks.
During the second quarter, the operator was also the first to invest heavily into newly developed housing areas of Bahrain, providing customers with much-needed connectivity to support remote schooling and working.
For the six months ending June 30, 2021 year-to-date (YTD), Zain Bahrain reported net profit of BD2.774m, a 28.5pc increase YoY from BD2.158m for the same period in 2020.
Earnings per share grew to 8 fils for the six month in 2021 as compared with 6 fils in 2020 for the same period.
The operator generated revenues of BD32.73m during the YTD, an increase of 4.16pc YoY as compared with BD31.42m for the same period in 2020.
Operating profit for the six months reached BD3.223m, a 21.2pc increase on BD2.658m recorded in 2020.
At a balance sheet level, total equity as of end-June 2021 amounted to BD76.072m, up by 0.781pc from BD75.482m as of end-2020.
The value of the company’s assets as of end-June 2021 was BD122.969m, down 2.2pc from BD125.731m as of end-2020, as a result of reducing its liabilities.
Zain Bahrain chairman Shaikh Ahmed bin Ali Al Khalifa said, “Zain Bahrain, like every entity during these challenging times, has had to evolve and respond robustly to changing market conditions. The growth in profits we have seen during this period are a testament to our commitment to product innovation, digital transformation, network expansion, customer service and operational efficiencies. As usage has surged, so too has our diverse team’s enthusiasm to enhance our customer experience, and to give back to society, who we are all working hard to keep safe.
“The increased demand from new customers joining Zain is contributing to the overall growth, our newly designed broadband and postpaid packages and services have attracted new customers and we have reported a YoY increase in customer base. All these remarkable achievements have resulted in a solid revenue and profit increase YoY.”
“In Q2, we focused on the continued expansion of our 4G and 5G infrastructure, and became the first provider to enhance service in more newly-developed areas of the country. We offered higher connectivity speeds for our customers by up to six times, whilst continuing to provide free access to Zain’s home broadband customers to essential services such as online learning and affordable options for work-from-home initiatives,” Shaikh Ahmed said.
“Growth in revenue and profitability has increased even as we continue to contend with the pandemic. Going forward, Zain Bahrain will continue to invest in its people, its operations and innovation, accelerating its digital transformation cycle. We are aware at a business level that true digital transformation in the mobile communication industry could only happen through a holistic network transformation strategy and execution, and this will continue to be our focus for the coming period,” he added.
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