Zain Saudi reduces net loss in Q1 to US$142 million

Zain Saudi Arabia today announced strong revenues for the three months to end-March, reaching SAR1.48 billion (US$396 million) up 36 per cent on the same period in 2010.

The cellco reported an 86 per cent growth in gross profits to SAR716 million for the three month period.

First quarter operational losses decreased by 46 per cent year-on-year to SAR233 million, with the gross profit margin grew by 48 per cent in the quarter, compared to 35% in the same period in 2010.

Net losses for the period decreased by 20 per cent year-on-year to reach SAR 532 million.

A consortium made up of Kingdom Holding Company and Batelco is in the process of acquiring Zain Group’s 25 per cent stake in Zain Saudi Arabia.