Zain Group records solid H1 results and expects even better in H2

For the first half of 2009 to end June, Zain Group recorded consolidated revenues of KWD 1.16 billion (US$4.01 billion), an increase of 24.1 per cent year on year. The company’s consolidated EBITDA increased by 46.3 per cent to reach KWD 512.2 million (US$1.77 billion). Consolidated net income reached KWD 154.5 million (US$533.5 million), an increase of just 4.4 per cent, while year-on-year customer growth on the two continents across which Zain operates was 37 per cent, representing 69.5 million managed active customers as of June 30.

“The nature and growth of the H109 net income result is all the more impressive when one takes into account that in H108 we had an extraordinary gain of KWD26.6 million from the successful Zambia IPO, as well as the burden of a KWD 31.3 million (US$108.8 million) currency exchange loss for H109,” commented Saad Al Barrak, CEO of Zain Group. “Both are an indication that operational net income growth is much higher than 4.4 per cent. With improving currency stability in many of our African operations, we expect even better results in the second half of 2009.”

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