Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a decline of 94% in Q1 2024 net profit to SAR 67 million, from SAR 1.13 billion in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 2,422.16 | 2,535.18 | 4.7 % |
| Gross Income | 1,414.84 | 1,545.17 | 9.2 % |
| Operating Income | 191.17 | 250.73 | 31.2 % |
| Net Income | 1,137.22 | 66.51 | (94.2 %) |
| Average Shares | 898.73 | 898.73 | - |
| EPS (Riyals) | 1.27 | 0.07 | (94.2 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 2,542.77 | 2,535.18 | (0.3 %) |
| Gross Income | 1,477.29 | 1,545.17 | 4.6 % |
| Operating Income | 108.00 | 250.73 | 132.2 % |
| Net Income | (54.00) | 66.51 | 223.2 % |
| Average Shares | 898.73 | 898.73 | - |
| EPS (Riyals) | (0.06) | 0.07 | 223.2 % |
The telco noted it had recognized the full gain from the tower transaction in Q1 2023—at SAR 1.14 billion—which resulted in a restatement of Q1 2023.
Net profit before Zakat reached SAR 79 million in Q1 2024 as compared to SAR 24 million in Q1 2023 (excluding the gain from tower transaction of SAR 1.1 billion) resulting in an increase of SAR 55 million underlined with a growth in EBITDA of 11% equivalent to SAR 74 million.
During the period, Zain KSA witnessed an increase in revenue by SAR 113 million (4.67%). This increase was due to the growth in B2B sales, 5G services, wholesale in addition to the growth on Tamam businesses.
This came despite the increase in finance cost by SAR 7 million.
Compared to Q4 2023, the company turned profitable against a loss of SAR 54 million.
Shareholders' equity, no minority interest, amounted to SAR 10.65 billion as of March 31, 2024, compared to SAR 10.93 billion a year earlier.
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