Zain KSA Q3 results experience 44% EBITDA growth

Zain Saudi Arabia has reported a continued positive trend with Q3 revenues up seven per cent, EBITDA up 44 per cent, with net losses narrowing by a further 15 per cent.

Revenue and gross profit increased seven per cent to SAR1.6 billion (US$420 million) and SAR 761 million, respectively, compared to the same period last year, leading to a significant 44 per cent growth in EBITDA.

The net loss shrank to SA 420 million from SAR 493 million a year ago.

In addition, the customer base grew 24 per cent year-on-year reaching 8.6 million total subscribers.

Commenting on the Q3 2013 results, Fahd bin Ibrahim Al-Deghaither, chairman of the board of Zain KSA, said: "A key milestone achieved this quarter was the successful refinancing of our US$2.3 billion Murabaha facility that served to ensure Zain KSA’s viability going forward, improving cash flow and liquidity, and creating flexibility to support the further expansion and development of our network."