Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) reported turning a profit during the first quarter of 2019.

Zain’s net profits amounted to SAR 129 million during Q1-19, against a loss of SAR 77 million during Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

The Saudi telecoms provider attributed the positive turn in its first-quarter financials to the higher demand on products and services.

In March, Zain inked a SAR 2.52 billion contract with IHS Holding for the sale and leaseback of 8,100 towers.