Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) on Sunday posted an increase in its net profit during the full year 2018, logging  SAR 332 million, compared to SAR 12 million in 2017.

The telecom company attributed 2018 profit rise to an increase in revenue by SAR 225 million as a result of the rising demand for the company’s products and services, according to Zain’s statement to the Saudi Stock Exchange (Tadawul).

“This increase in gross profit has been offset by an increase in distribution and marketing expenses by SAR 139 million and depreciation and amortisation by SAR 176 million,” the statement said.

Moreover, the company was able to reduce its accumulated deficit to SAR 1.8 billion for 2018 representing 30.8% of its share capital of SAR 5.83 billion, against SAR 2.26 billion for 2017.

During the first nine months of 2018, Zain turned to loss after incurring SAR 67 million, against a profit of SAR 57 million in the year-ago period.

By the end of Thursday’s session, Zain’s stock stood at SAR 9.42.