Kuwait City, Kuwait—Telecom major Zain Group has reported a net profit of KD152 million ($492 million) for the first nine months of 2022 and said its revenue rose by 12 percent in the same period to reach KD 1.3 billion.
In a statement, the group said the digital services revenue was up 47 percent and fintech customer growth was 34 percent, with revenue increasing by 231 percent. Kuwait, Saudi Arabia and Sudan were the top performing markets.
An interim cash dividend of 10 fils, totaling $140 million was distributed in September 2022.
The statement said that subsiding of the pandemic and increased economic activity across all markets combined with appealing consumer digital service offerings centered around streaming and gaming, had a positive effect on the results.
“Furthermore, lucrative ZainTech and B2B monetization initiatives amplified investments made in 4G, 5G and FTTH expansion and upgrades, also drove revenue growth,” the statement reads.
Bader Al-Kharafi, Vice Chairman & Group CEO: “This outstanding 9M operational performance is testament to the successful execution of the ‘4Sight’ growth strategy”
The company added 3.5 million active subscribers to a total of 52 million customers, a 7 percent year-on-year growth.