Zain Bahrain registers 10.6% rise in net profit

Earnings per share for the quarter remained steady at 4 fils

  
Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

Traders chat during early hours after opening of the Bahrain stock market, in Manama, Bahrain June 26, 2016.

REUTERS/Hamad I Mohammed

MANAMA: Zain Bahrain has reported a net profit of BD1.528 million for the first quarter (Q1 2021), up 10.6 per cent from BD1.382m for the same period in 2020.

The telecommunications firm said demonstrating resilience through efficient operations, the Q1 results are a reflection of decisions taken at the end of 2020 during which the company expanded its network by 75pc, accommodating for accelerated data growth across its mobile and fixed network; driven by remote working, virtual education and meetings, and the increasing use of digital solutions.

Earnings per share for the quarter remained steady at 4 fils.

Revenues for the same period showed a slight increase of 0.3pc from BD16.464m to BD16.507m.

Operating profit in Q1 2021 amounted to BD1.731m, up by 8pc from BD1.603m recorded in Q1 2020.

On the balance sheet level, Zain Bahrain’s total equity at the end of the quarter amounted to BD74.826m, up by 4.7pc from BD71.458m in Q1 2020.

The value of the company’s assets at the end of Q1-2021 amounted to BD122.722m, up by 3.8pc from BD118.239m as of end-March 2020.

Commenting on the results, Zain Bahrain chairman Shaikh Ahmed bin Ali Al Khalifa said: “Following on from the success of Zain Bahrain in 2020 – which was a challenging year for all – the first quarter of 2021 has seen further growth in all business areas. Our diverse workforce enhanced their operational efficiency, we increased our investments and focused on creating unique initiatives to improve our digital offerings and customer experience. As a leading telecom operator in the kingdom, Zain Bahrain continued to deliver on our promise to provide the best technology and solutions, ensure the best customer service, and meet the growing demands of an increasingly digital market.”

He added: “This quarter alone, we have taken great strides in the continual expansion of our 4G and 5G infrastructure, and become the first provider to enhance service in certain newly developed areas of the country. With the launch of several new postpaid product offerings, we have ensured affordability in challenging market conditions, and we continue to facilitate remote working and education through offering free Internet access for home broadband customers to online educational platforms. I’m also particularly proud of our community and youth initiatives, with a focus on gamification of learning and even wellness.”

Shaikh Ahmed concluded: “We are committed to continuing robust operational efficiency and focusing on product portfolio development throughout the remainder of the year, with a keen eye on macro issues such as climate change and social responsibility. Zain Bahrain will continue to be a digital pioneer in the market, feeding into Vision 2030 by developing talent and raising the bar for locally-grown technology and innovation.”

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