Riyadh, Saudi Arabia — Zain KSA, a leading telecommunications provider, has reported its highest-ever quarterly revenues, surpassing SAR 2.5 billion ($666 million).
This marks a 10% increase compared to the third quarter of the previous year, where the company generated SAR 2.2 billion.
The Q3 report also reveals a net profit of SAR 285 million, showcasing a growth of 234 percent compared to the corresponding period in 2022.
The performance is attributed to various factors, including the gains from the tower infrastructure sale and leaseback deal, which contributed SAR 139 million during the quarter.
This deal is part of a larger financial impact, with the company expecting a total of SAR 1.1 billion over the 18-month period of the tower ownership transfer.
The company said its profit growth is fueled by sustained business expansion across all sectors. Particularly notable is the enterprise sector’s strong demand for cutting-edge services and solutions such as cloud computing, the Internet of Things (IoT), and artificial intelligence (AI).
The company has not only experienced growth in 5G revenue but also witnessed increased demand for consumer services and a surge in popularity for Yaqoot digital services and micro-finance solutions offered through Tamam, its fintech arm, Zain said.
CEO Eng. Sultan Bin Abdulaziz Al-Deghaither expressed his satisfaction with the financial results, stating, “In Q3 2023, our revenue and profit continued to soar, reaching an all-time high for Zain KSA. These accomplishments underscore the effectiveness of our operational and financial strategies, which are firmly grounded in innovation and strategic investments.”