Mid-East and Africa focused mobile operator, Zain has announced that its Q1 2008 consolidated gross revenues stood at US$1.673 billion, an increase of 23% compared to the same period of 2007. The company's consolidated EBITDA increased by 25% compared to last year and reached US$648.7 million. Consolidated net profits increased by 10% on last year to reach US$270.5 million. Analysts polled by the Reuters news agency had expected an average net profit of US$375 million.
Year on year customer growth across the two continents where Zain operates was 54% representing 45.7 million active customers as at 31 March 2008.
Commenting on the company's Q1 2008 financial results, Zain Managing Director and Deputy Chairman, Dr. Saad Al-Barrak said: “On the back of excellent results for 2007, we are delighted that Zain continues its strong performance in the first quarter of 2008. We have experienced strong customer growth across all our operations in line with our 2011 targets of being a top ten global operator with over 110 million customers. Our impressive financial results underscore our achievements to date and we expect this trend to continue. Zain will build and add to the successes in recent years as we actively pursue expansion opportunities in the Middle East, Africa and beyond”
Zain says that it plans to continue pumping more investments during 2008 towards upgrading and expanding its mobile networks both in the Middle East and Africa in order to capitalize on the considerable growth potential in many of the markets where it operates such as Iraq, Nigeria, Sudan and Saudi Arabia which is highly expected to become a pivotal market within Zain's array of operations throughout the Middle East and Africa.
Posted to the site on 23rd April 2008
Posted to: www.cellular-news.com/story/30732.php