Zain reports 25 per cent top-line growth but only 3 per cent bottom-line increase in Q109

Zain Group recorded consolidated revenues of KWD 567.2 million (US$1.96 billion) in Q109, an increase of 25 per cent year-on-year, with the operator’s consolidated EBIDTA increasing by 40 per cent for the same period to reach KWD 245.4 million. Net profit for the three months to the end of March amounted to KWD 75.7, an increase of three per cent year-on-year. 

Al Barrak says Zain has performed well despite the increased cost of financing and volatility in currency rates

Customer growth across the Middle East and Africa amounted to 41 per cent with the Zain Group serving 64.7 million managed active customers as of March 31, 2009.

“Despite the challenges imposed by the global economic crisis and the competitive markets in which we operate, these impressive first quarter results are testament to the sound management practices of the group and a reflection of our unwavering commitment to reach our 2011 target of being a top-ten global mobile operator,” commented Saad Al Barrak, Zain Group CEO.

Al Barrak confirmed that Zain is working on several fronts to overcome the changes in global markets such as the increasing cost of financing and the sharp volatility of currency rates, pointing out that Zain was able to achieve realistic results despite the fact that volatility of currency rates cost the company KWD 18.4 million.