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Saudi-listed Mobile Telecommunication Company Saudi Arabia (Zain KSA) saw its net profit jump by more than 40% in the third quarter of the year on the back of higher visitor traffic and revenue from B2B and 5G operations.
Net profit for the quarter reached SAR85 million ($22.6 million), up by 41.67% from a year ago. Sales/revenue jumped by 15.27% to SAR2.287 billion, while total comprehensive income reached SAR140 million.
“[The increase in net profit] is due to the increase in revenue by 15%, driven by the growth in B2B, 5G and the return of international visitors 9for Umrah and business) after relaxing the COVID pandemic restrictions,” the telecommunications operator said in a statement to the Saudi Stock Exchange (Tadawul).
For the nine months ending September 30, 2022, net profit stood at SAR299 million, up by 109.09% from the same period last year.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
