Riyadh – Mubasher: The Saudi Mobile Telecommunications Company (Zain) on Wednesday said it turned to profitability in the third quarter of 2017, against losses in the year-ago period.

Net profits amounted to SAR 3 million in Q3-17, against net losses of SAR 266 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits retreated 62.5%.

Saudi Arabia-based telecommunications provider attributed turning profitability year-on-year to achieving SAR 173 million revenues, decline in amortization due to extending the license by 15 years, drop in financial charges by SAR 44 million, and lower financing cost on the junior debt.

At the level of the first nine months, the firm saw SAR 57 million net profits, against SAR 844 million net losses in the corresponding period in the year earlier.

Zain’s stock fell 2.26%, closing at SAR 7.35 on Tuesday.