Mubasher: Zain Group reported a growth of 2% in profits during the fiscal year 2016 as consolidated net income reached KWD 157 million ($519 million), according to a recent statement.

Revenues amounted to KWD 1.1 billion ($3.6 billion) which was a 4% year-on-year decline in FY16. Consolidated EBITDA for the period increased by 3% on an annual basis and reached KWD 512 million ($1.7 billion), reflecting a healthy EBITDA margin of 47%.

Meanwhile, Zain’s net income for the fourth quarter reached KWD 32 million ($106 million), the statement said.

“Zain Group recorded consolidated revenues of KWD 261 million ($860 million), a decline of 8% on the same period of the previous year (Q-o-Q). EBITDA for the quarter reached KWD 122 million ($400 million), reflecting a healthy EBITDA margin of 47%," the statement noted.

“Our investments in capital expenditure reached $635 million (excluding Zain Saudi Arabia), which represents 18% of our revenues, reflecting Zain’s commitment to innovation and quality of service,” chairman of Zain Group, Asaad Al Banwan, said.