Mubasher: Mobile Telecommunications (ZAIN) reported a 111% year-on-year increase in earnings before interest, tax, depreciation, and amortisation (EBITDA) during the first quarter of 2019, recording KWD 178 million ($586 million).

Zain’s consolidated revenues went up 56% YoY in Q1-19, registering KWD 404 million, according to a company statement released on Thursday.

“The impressive first quarter 2019 results were achieved through the Board’s and Executive Management’s focus on the implementation of the digital transformation strategy that has seen substantial investments in network upgrades, fibre optics and 5G readiness,” Zain Group’s chairman Ahmed Al Tahous said.

Net income reached KWD 47 million from January to the end of March, while Earnings Per Share (EPS) hit 11 fils.

“Given the sweeping technological developments in the ICT sector and challenging regulatory environment, the management teams across all operations are being dynamic in their transformational and digitization efforts, supported by the Group,” vice-chairman and group CEO Bader Al-Kharafi commented.