Zain Group reports 13% decrease in net income in Q3

Zain Group has reported that for the third quarter of 2014, consolidated revenues came in at KD294 million (US$1.04 billion), down six per cent year-on-year. EBITDA for the quarter amounted to KD 123 million, down right per cent, while net income amounted to KD 46 million, reflecting a 13 per cent decrease.

Zain also reported the subscriber base as of 30 September at 43.7 million customers, down one per cent year-on-year. Part of this decline can be explained by a change in the definition of an active customer implemented by Iraq’s telecom regulator, seeing Zain Iraq’s customer base decrease nine per cent from 14.5 million at the end of the third quarter 2013 to 13.3 million customers at the end of the third quarter 2014.

The operator confirmed that as mandated by its mobile operating licence, Zain Bahrain completed an initial public offering of 15 per cent of its share capital on September 30. All new shareholders were allotted their shares on October 9, and the company expects shares to be traded on the Bahrain bourse during the course of this month.