Zain Q3 revenues flat; net income down 12% year-on-year

Zain Group today reported that for the third quarter of 2013 it recorded consolidated revenues of US$1.1 billion effectively flat when compared to US$1.106 billion reported for the same period in 2012. EBITDA for the quarter reached US$471 million, down four per cent year-on-year, while net income for the quarter reached US$186 million, down 12% year-on-year.

The company explained that for the Q3 period, had it not been for adverse ‘foreign currency translation impact’ (predominantly in Sudan) of US$41 million in revenues and US$17 million in EBITDA, revenue growth would have been three per cent and EBITDA would have been stable.

Regarding net income specifically, if not due to both a foreign exchange translation impact of US$7 million and an exceptional US$21 million loss from ‘foreign currency revaluation’, net income would have been up slightly year-on-year.

Zain also announced adding three million new customers over the last twelve months to serve 44.3 million at the end of September, reflecting a seven per cent growth rate.