|13 February, 2020

Zain’s consolidated profit levels up 10% YoY in 2019

Revenue surged 26% YoY

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

A Kuwaiti investor looks onto the trading floor at the Kuwait Stock Exchange April 23, 2003 in Kuwait City, Kuwait.

Getty Images/Graeme Robertson
Mubasher: Mobile Telecommunications’ (Zain) consolidated net profit grew 10% year-on-year to KWD 217 million ($715 million) in 2019.

The company’s revenue surged 26% YoY to KWD 1.66 billion last year, while earnings per share reached 50 fils, according to a statement released on Wednesday.

"The company’s performance for 2019 is testament to the successful implementation of the strategic and sustainability-conscious roadmap set by the Board and management,” Zain Group’s chairman Ahmed Al Tahous commented.

In the fourth quarter of 2019, the Boursa Kuwait-listed company’s profit rose by 8% to KWD 64 million.

“Our group financial performance across all operations, especially the robust profit growth in Saudi Arabia, Iraq, and Sudan operations, and sound performance by our highly profitable Kuwait operation, tops off an incredible operational year and gives us enormous confidence going into 2020 and beyond,” Group CEO Bader Al-Kharafi said.

Moreover, Zain Group’s board recommended the distribution of 33 fils per share in cash dividends for 2019.

It is worth noting that Zain’s profits amounted to KWD 153 million in the nine-month period ended 30 September, compared to KWD 137 million ($454 million) for the same period in 2018.

Source: Mubasher

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