Bahrain-based Zain Group revenues hit $2.6bln in first half

MANAMA: Zain Group has reported consolidated revenue of $2.6 billion for the six months to June 30, 2020, a decrease of three per cent year-on-year (YoY).

For the first half of 2020, EBITDA reached $1.1bn, down 5pc Y-o-Y, reflecting an EBITDA margin of 43pc.

Net income amounted to $273 million, down 14pc YoY, reflecting earnings per share of $0.06.

Zain served 47.6m customers at the end of the period, reflecting a 3pc decrease YoY.

In the second quarter of 2020 (Q2), the group generated consolidated revenue of $1.22bn, down 7pc when compared with the same period in 2019.

EBITDA for the quarter reached $533m, down 7pc YoY, reflecting an EBITDA margin of 44pc. Net income for the quarter amounted to $117m, down 28pc YoY.

To counter the impact of the Covid-19 pandemic, cost optimisation measures in areas such as contracts renegotiation, management of cash flows and loan repayments, reduced operational expenses by $68m.

Commenting on the H1 2020 results, Zain Group chairman Ahmed Al Tahous said, “The group’s performance in the first half of the year reflected Zain’s resilience to turbulence, given the numerous operational challenges in these unique times.”

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