Zain Bahrain posts $5.7mln net profit

MANAMA: Zain Bahrain has reported a net profit of BD2.158 million ($5.739m) for the six months ended June 2020 (H1-2020), representing a 15 per cent decrease year-on-year (YoY) from BD2.533m ($6.737m) in the same period of 2019.

Revenues for H1-2020 increased 3pc Y-o-Y to BD31m.

For the period, operating profit was BD2.658m, a decrease of 14pc YoY from BD3.105m in H1-2019, with the decrease being attributed to Zain Bahrain’s increased operational costs during the Covid-19 outbreak, and support of various community initiatives to support the national fight against the virus.

Zain Bahrain has also invested heavily in digitalisation across all business segments.

Earnings per share reduced 15pc YoY in H1-2020 to six fils from seven fils in H1-2019.

H1 earnings per share remained stable at 0.002 fils.

At the balance sheet level, the company’s assets for the period amounted to BD117.028m, up 5pc YoY from BD111.539m in H1-2019.

Total equity at the end of H1-2020 stood at BD72.235m, an increase of 4pc from BD69.523m in H1-2019.

Commenting, Zain Bahrain chairman Shaikh Ahmed bin Ali Al Khalifa said, “During these globally unprecedented times, Zain Bahrain has been focused on the safety of customers and employees, and continuity of service excellence. Our Digital First strategy has been embraced by our customers since its launch in 2017, with unprecedented usage of our e-channels, and 96pc of customer support interactions taking place either digitally or by self-care. We wish to thank the government for support to enterprises during the Covid-19 pandemic – their unwavering commitment to keeping the economy going has allowed us to focus on remaining responsive to change and exceeding customer needs. Along with supporting the government in the fight against Covid-19, further digital transformation remains at the top of our agenda in the second half of this year and beyond, and we are proud to now offer a 5G commercial capability with higher data speeds, extremely low latency and guaranteed reliability.”

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