Kuwaits Zain annual revenues drop by 6.6% caused by currency devaluation

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RIYADH: Kuwait telecommunication company Zain recorded 1.517 billion Kuwaiti dinars ($5 billion) in annual revenues during 2021, a decrease of 6.6 percent from a year earlier.

The firm’s net profit edged up by 0.3 percent to 185 million Kuwaiti dinars ($612 million), compared to the previous year, according to the company's earning release.

With currency devaluation impacting key financial indicators during 2021, Zain managed to mitigate that risk by revamping prices and applying data monetisation initiatives across its operations.

A cash dividend of 23 fils was declared for the second half of the year, bringing total annual dividends to 33 fils.

Kuwait-based Zain is a mobile telecommunications company that has commercial presence in seven countries across the Middle East.

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