Kuwaiti telco Zain Q2 profit rises 14% rise to $187m

Zain Group

Kuwait’s Zain Group said net profit during the second quarter of 2023 grew 14 percent year on year to KD57 million ($187 million) as the telecom firm’s customer base continued to grow.

Revenue rose 10 percent to hit KD461 million in the three months to June 2023.

Ebitda reached KD182 million, up 10 percent year on year, reflecting an Ebitda margin of 40 percent.

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Zain served 52.7 million customers at the end of the period, a two percent annual increase.

Net income for the first six months reached KD 112 million, up 14 percent annually, as revenue rose 12 percent year on year to KD930 million.

The received its first-ever cash dividend of SAR 158 million ($42 million) from its Saudi affiliate, Zain KSA.

Over the six months, Zain Group invested $178 million in capital expenditure. 

Bader Al-Kharafi, Zain vice-chairman and group CEO, said: “The solid growth in enterprise, digital and fintech revenues combined with operational efficiencies across our markets was key to the impressive financial performance for the first half of 2023.”

For the third consecutive year, the telecom operator declared an interim dividend of 10 fils per share for the first six months of 2023, payable on September 14, 2023.