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Saudi Zain posts SAR 121m profits in 3M

Saudi Zain posts SAR 121m profits in 3M
Zain turned profitable achieving a net profit worth SAR 380 million in 9 months
ZAIN KSA
7030
0.14% 13.82 0.02

Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain) disclosed its interim financial results for the third quarter of 2019.

Net profits after zakat and tax soared by 152.1% to SAR 121 million in Q3-19, compared to SAR 48 million in Q3-18, according to a bourse filing on Thursday.

The Saudi telecom provider attributed the hike in profits to the increase in revenues by SAR 56 million due to high demand, in addition to the drop in operating expenses by SAR 47 million over the quarter.

The company’s revenues levelled up by 2.8% year-on-year to SAR 2 billion during the three-month period between July and September.

For the first nine months of 2019, Zain turned profitable achieving a net profit worth SAR 380 million, against losses of SAR 67 million in the same period of the previous year.

Total revenues stood at SAR 6.16 billion by the end of September, up 12.3% from SAR 5.48 billion in the same period the year before.