Zain KSA reports record-breaking Q3 2023 with substantial YoY growth

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Zain KSA reports record-breaking Q3 2023 with substantial YoY growth
Credit: © Reuters.

Telecommunications giant Zain KSA has reported a record-breaking third quarter in 2023, with revenues reaching SAR2.5 billion, marking a 10% increase from the SAR2.2 billion reported in the same period in 2022. The company's net profit for Q3 2023 was SAR285 million, a significant surge of 234% year-on-year.

This impressive performance was bolstered by the company's tower infrastructure sale-leaseback deal, which contributed SAR139 million to this quarter's revenues. Growth was observed across all sectors, with enterprise services such as cloud computing, IoT, AI, consumer services, Yaqoot digital services, and Tamam's micro-finance solutions seeing notable increases.

CEO Sultan Bin Abdulaziz Al-Deghaither attributed these results to innovative and strategic operational and financial strategies. He highlighted the company's focus on technology, economy, society, and the enhancement of their robust 5G services ecosystem. In partnership with Red Sea Global, Zain KSA launched the world's first zero-emission 5G network and announced a significant collaboration with Pioneers Systems to localize IoT products.

Al-Deghaither reaffirmed Zain KSA's commitment to nationwide digital transformation in line with Saudi Vision 2030. The company's sustainability efforts have also been recognized, earning an "A" rating in the MSCI ESG Index.

In terms of interim income statements for the first nine months of 2023, Zain KSA reported a year-on-year net profit after Zakat and tax of SAR971 million, up by 224.75% from SAR299 million last year. Revenues increased by 10.03% to SAR7.34 billion from SAR6.67 billion. The earnings per share (EPS) climbed to SAR1.08 from SAR0.33 in the previous year.

The net profit for the July-September period was reported at SAR285 million, a substantial rise from Q3 2022's SAR85 million and a quarterly growth of 129.84% from Q2 2023's SAR124 million. Revenues for Q3 2023 were reported at SAR2.52 billion, marking a year-on-year increase of 10.41% from Q3 2022's SAR2.28 billion and a quarterly rise of 5.56% from Q2 2023's SAR2.39 billion (USD1 = SAR3.7511).

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