Dubai, UAE — Zain KSA recorded SAR 2.4 billion ($639 million) in revenue for Q1 2023, a growth of 11 percent compared to Q1 2022 on demand-led growth in business sector services and solutions.
The company achieved net profit of SAR 563 million in Q1 2023, a growth of 595 percent compared to Q1 2022 and the highest quarterly profit in the company’s history.
Zain attributed the record profit to its “financial performance and the gains achieved through the sale and leaseback of Zain KSA’s 3600 towers which brought in SAR 532 million in revenue in Q1 2023”.
“This follows the successful completion of Zain KSA’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,” Zain said in a statement.
Zain KSA CEO Sultan bin Abdulaziz Al-Deghaither said, “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. This has had a direct impact on our financial results.”