Zain reports flat subscriber growth in challenging Q1

The Zain Group today reported consolidated revenues of KWD325.7 million (US$1.172 billion), reflecting a one per cent increase over the same period of Q111. Net income witnessed an increase of two per cent year-on-year to reach KWD70.9 million, while the group’s consolidated EBITDA reached KWD 150.8 million, also up two per cent over the same period last year. This reflected an EBITDA margin of 46.3 per cent.

The cellco reported a total of 40.3 active mobile subscribers across its eight markets at the end of the period, up just 0.25 per cent on the 40.2 million reported at the end of 2011.

Highlights during the quarter included the successful restructuring of a US$433 million syndicated short-term loan into a syndicated revolving long term one, as well as the payment by Zain Sudan of its €220 million (US$287 million) loan in full.