Zain KSA reports positive operating metrics in Q3

Zain Saudi Arabia (Zain KSA) released its financial results for the third quarter of 2011, which the cellco says shows continued healthy growth in operational revenues and gross profit combined with further reduction of both operating and net losses.

Revenues in Q311 grew by eight per cent to more than SAR 1.794 billion (US$ 478 million), with the cellco achieving growth in gross profit, which increased by more than 22 per cent to exceed SAR 870 million. Accordingly, operating loss (EBIT) declined by more than six per cent to reach SAR 222 million.

The period also witnessed a reduction in net losses by more than 11 per cent, with the company recording a net loss of SAR 484 million.

The results come a day after the cellco announced that its former MD, Saad Al Barrak had resigned.