Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a 94.10% year-on-year (YoY) plunge in net profit to SAR 67 million in the first quarter (Q1) of 2024 from SAR 1.13 billion.

Revenues grew 4.66% YoY to SAR 2.53 billion in Q1-24 from SAR 2.42 billion, according to the interim financial results.

The earnings per share (EPS) reached SAR 0.07 in the three-month period that ended on 31 March 2024, down from SAR 1.27 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company shifted to profitability in Q1-24, versus a net loss of SAR 54 million in Q4-23, while the revenues edged lower 0.31% from SAR 2.54 billion.

Zain KSA logged a 130.36% YoY hike in net profit to SAR 1.26 billion in 2023 from SAR 550 million.