Zain’s net profit jumps 595% in Q1

Saudi Arabia Mobile Telecommunication Company, Zain has achieved a net profit of 563 million Saudi riyals in first quarter of 2023, recording a growth of 595 percent and the highest quarterly profit in the company’s history.

The revenues in the first quarter of this year amounted 2.4 billion riyals, up 11.15 percent compared to the same period last year, with revenues of 2.1 billion riyals, the statement mentioned on Tuesday.

This follows the successful completion of Zain’s towers infrastructure sale deal and is part of the SAR 1.1 billion financial impact estimated upon the completion of the ownership transfer phase over a period of 18 months.

Sultan bin Abdulaziz, Zain’s CEO stated that “the first quarter results for 2023 show a growing demand for our digital services and solutions, which has led to the expansion of our business portfolio in both the individual and business sectors.