Zain Bahrain has reported a 22% fall in its profit for the first nine months of 2014 to BHD 2.924 million against BHD 3.76 million during the same period in 2014.
The Company also witnessed a 35.4% plunge in Q3 profit to BHD 700,000 against BHD 1.084 million, Zain Bahrain’s financial statements to the Bahrain Bourse revealed.
The Company’s profit fall was attributed to retreating revenue to BHD 54.04 million during the nine-month period against BHD 57.32 million during the first nine months of 2014, registering a six percent decline. Moreover, cost of sales also retreated to BHD 11 million against BHD 11.63 million during the corresponding period in 2013, falling by 5.4%.
It is worth highlighting that the Bahrain Bourse will see the listing of Zain Bahrain on Thursday, December 4, 2014, under the symbol ZAINBH. The company will trade in the services sector.
Zain Bahrain’s initial public offering (IPO) was subscribed by 100%.
Prior to the IPO, Zain Bahrain was 63% owned to Zain Kuwait; following the IPO, the Bahrain telecom is now 54.78% owned to the Kuwaiti Company.