Zain KSA gets most optimistic performance forecasts in telecom sector

Logo of Mobile Telecommunication Company Saudi Arabia (Zain KSA)

Mobile Telecommunication Co. Saudi Arabia (Zain KSA) got the most optimistic performance forecasts for the first quarter of 2024 in an investor survey conducted by Argaam.

Zain KSA had 91.49% of votes, the highest compared to other telecom providers, according to the survey.

In Q3 2023, the company reported its highest ever revenues of SAR 2.53 billion, according to statements from the CEO.

This represents a growth rate of 10% compared to the same quarter a year ago. The company also achieved a net profit of SAR 285 million, surpassing analysts' average expectations with a growth of 235%.

In mid-November, the company sold its 20% stake in Golden Lattice Investment Co. (GLIC) to the Public Investment Fund (PIF) for a value of SAR 726 million, against a book value of SAR 605 million. The financial impact of the deal was anticipated to be approximately SAR 121 million in net profit.

According to data available on Argaam, analysts' forecasts suggest that Zain KSA will record an average revenue of SAR 2.57 billion in the fourth quarter of 2023, with an expected net profit of over SAR 132 million.