Zain revenue rises 15.7%: Bahrain

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Zain Bahrain has reported a net profit of BD1.32 million for the second quarter (Q2 2023), representing an increase of 3.2 per cent year-on-year compared to BD1.28m in Q2-2022.

Earnings per share remained stable at 4 fils.

EBITDA for Q2 2023 increased by 1.7pc reaching BD5.44m compared to BD5.35m in Q2-2022.

Revenue for Q2 2023 increased by 15.7pc reaching BD18.95m compared to BD16.39m in Q2-2022.

Data revenue for Q2-2023 increased by 8.6pc compared to Q2-2022.

Zain Bahrain added 127,000 customers to serve a total of 1.14m, a 12.5pc year-on-year growth.

For the six months ended June 30, 2023, Zain Bahrain reported net profit of BD2.75m, representing a 3.6pc decrease from BD2.85m in the same period as in 2022.

Earnings per share stood at 8 fils, the same as in 2022.

EBITDA for the six months ended 30 June2023 remained relatively stable.

Revenue for the first six-months of 2023 reached BD37.12m, an increase of 10.5pc compared to BD33.59m for the same period in 2022.

Data revenue for the first six months of 2023 increased by 7pc compared to the same period in 2022.

With regards to Zain Bahrain’s balance sheet, the total equity at the end of Q2-2023 is BD82.64m, compared to BD83.17m for the year ended December 31, 2022, a slight decrease of 0.6pc.

The operator’s assets as of end-June 2023 stood at BD134.89m, a decrease of 3.4pc from BD139.63m as of end-2022.

Commenting on the results, Zain Bahrain chairman Shaikh Ahmed bin Ali Al Khalifa said: “Our second quarter results demonstrate the resilience and the success of Zain Bahrain as we continue the expansion of our network, including in seven new areas in Bahrain, allowing residents to enjoy the best 5G and 4G mobile experience.

We have also made a great achievement this quarter, increasing our global roaming pass coverage by adding Brunei, making Zain the widest global data roaming pass coverage telco in the kingdom. Another milestone is the launch of our new Arabic eShop version. It is the first for a telecom company in the kingdom.

This milestone is a significant step in our efforts to expand our digital presence, bring convenience to our diverse customers, and meet their latest evolving needs.”

The chairman continued, “Moreover, we are pleased to report that our sustainable connectivity initiatives continue to impact our business and the communities we serve positively.

We have reduced our carbon emissions with our new renewable power source solution, using hybrid electrical power solutions between generators, batteries, and solar panels at one of our commercial 5G sites.

We have also recently deployed Ericsson’s New 5G Hardware that is expected to save up to 18pc more energy and weigh less than earlier generations of 5G radios, contributing to a better sustainable future.

Our investments in renewable energy and green technologies have reduced our environmental impact and resulted in substantial cost savings, contributing to our sustainable business practices.”

He further added, “Zain Bahrain remains committed to staying at the forefront of the telecommunications industry, delivering innovative solutions and exceptional services to its customers while upholding our responsibilities towards sustainability.

We are confident that our continued efforts towards digital transformation will drive our growth and success in the years to come.”