Kuwait-headquartered telecom group Zain has repoted a net profit of 50 million Kuwaiti dinars ($165 million), up 22% for the second quarter of 2022 compared to the same time last year.

The effort came slightly ahead of analysts’ estimate of KD49 million, as per data provider Refinitiv

Revenue for the quarter jumped 14% to KD421 million as its subsidiaries in Saudi Arabia and Sudan recorded double digit growth.

The telecom company's board has declared a half-year dividend of 10 fils per share.

For H1-2022 the telecoms group, which operates in markets across the Middle East and Africa, made a net profit of KD98 million, up 14% y-o-y, reflecting earnings per share of 23 fils.

Last month, Zain Group, along with Boubyan Bank and other investors applied for a digital banking license in Kuwait.

(Reporting by Brinda Darasha; editing by Seban Scaria)