Kuwait – Mubasher: The focus on expanding and utilising Zain Group's networks has proven to be essential as the company registered growth in various substantial financial metrics across several markets, said Mohannad Al-Kharafi, Zain Group’s chairman.

“Especially pleasing was the healthy revenue and net income growth in our home market of Kuwait and in Saudi Arabia where the turnaround continues to progress,” Al-Kharafi added.

“The third quarter and the immediate period beyond witnessed two major transactions that are value enhancing to our stakeholders and will have a profound positive effect on the future of our digital lifestyle strategy,” the top official commented in a statement.

Al-Kharafi further noted that Zain benefited from its acquisition of treasury shares in Omantel, noting that the company will also benefit from the approaching sale of telecom towers in Kuwait. 

“We continue to undertake transformational programs across all markets and have seen operational progress on several fronts. These include multiple data monetisation, smart city and Enterprise (B2B) initiatives across our operations,” Al-Kharafi continued.

The Sudan currency devaluation issue, which represented a main factor outside of the Group's control has impacted Zain's results for the third quarter of 2017, the chairman added. Zain hopes that the recent lifting of sanctions by the US from Sudan will have a positive economic impact on the company.

“Zain’s board and executive management strongly believe in our strategic and transformational direction and look forward to the final quarter of the year with optimism," he concluded.

Zain saw a 1.6%-decline in net profits to KWD 122.45 million in the first nine months of 2017 from KWD 124.47 million in the comparative period of 2016.