Zain Posts Modest Improvements in Q1 Financials
Published on: 21st Apr 2014
By: Ian Mansfield
Zain has reported its financial results and announced that its first quarter revenues rose marginally with a faster rate of growth in profits.
First quarter profits were up by 8 percent at USD198.4 million while revenues rose by 4 percent to USD1.1 billion.
The company also reported year on year customer growth of 2.1 million, taking its customer base to 46.2 million.
On his part, Zain Group CEO, Scott Gegenheimer noted, "Across many of our markets, we are witnessing growth in key financial indicators as we drive efficiency and innovation. The healthy 27% annual growth rate in data revenues with data now reflecting 15% of all Zain Group's service revenues, emphasizes the appeal and quality of our product and service offerings and justifies the huge investment we continue to make in our 3G and 4G networks."
Regarding Zain's operation in Kuwait, the Group CEO welcomed the growth in all key financials indicators considering the highly saturated market conditions present with penetration rates of around 205%.
Additionally, the Group CEO also noted the improved performance from Zain Saudi Arabia.