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Zain KSA profit at $347m as revenue reaches record high

The board of Saudi telecoms company Zain KSA has recommended a dividend payout of SAR449 million for 2023 Polonio Video/Shutterstock
The board of Saudi telecoms company Zain KSA has recommended a dividend payout of SAR449 million for 2023

Mobile Telecommunication Company Saudi Arabia (Zain KSA) more than doubled its profit in 2023 to SAR1.3 billion ($347 million).

Revenues reached a record high of nearly SAR10 billion, rising 9 percent yearly, fuelled by growth in business-to-business, 5G, digital products, wholesale and fintech unit Tamam.

Gross profit increased 10 percent year on year to SAR541 million due to growth in the high-margin segments. Ebitda declined to SAR3 billion due to the increase in operating expenses, which reached SAR951 million.

Finance costs increased by SAR153 million due to rise in interest rates.

Zain KSA paid all its financial debt obligations worth SAR2 billion last year.

The telco’s board of directors also recommended a dividend payout of SAR449 million for 2023, subject to shareholders’ approval.

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