Zain Group made $1.5 billion in revenue and $95 million in profit in Q1 of 2024

Osamah Al Furaih, Chairman of Zain Group, emphasized the Board’s collaboration with executive management. Together, they addressed significant socio-economic hurdles across key markets.

Bader Al-Kharafi, Vice-Chairman & CEO, highlighted the company’s strong performance. They achieved revenue growth in key markets, focusing on maintaining network services and addressing operational challenges in Sudan.

Net profit for Q1 2024 was lower than the previous period due to two factors. First, there were one-off gains from the sale of KSA Tower in Q1 2023. Second, operational issues arose in Sudan due to the ongoing crisis.

Despite these challenges, revenue remained stable. Strong growth in Iraq (+14%), Kuwait (+7%), KSA (+5%), and Jordan (+3%) offset the negative impact from Sudan.

The Group’s consolidated EBITDA reached USD 480 million (KD 148 million), with data revenue hitting USD 595 million, representing 39% of total revenue.

Fintech services in KSA, Iraq, and Jordan witnessed significant growth, with a revenue increase of 49%. Revenue from digital services, including contributions from Dizlee, also continued to grow across key markets.

Zain Group experienced robust groupwide B2B revenue growth. ZainTECH revenues increased five-fold, and they launched operations in KSA.

Furthermore, Zain Omantel International added subsea cables, contributing to revenue growth. This furthers regional digital transformation initiatives across Zain’s operations.

Conclusion: Zain Group’s collaborative approach and strategic initiatives have enabled it to navigate operational challenges and maintain steady revenue growth. With a focus on digital innovation and expanding regional connectivity, Zain remains at the forefront of driving socio-economic development across its key markets.

Also Read: Middle East Poultry Exhibition in Riyadh Spotlights Value Engineering

Also Read: Red Sea Global Partners with Oracle to Revolutionize Hospitality in Saudi Arabia