Zain Group Q2 2021 net profit grows 17% to reach $138 million kuwaittimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kuwaittimes.net Daily Mail and Mail on Sunday newspapers.
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Zain Group yesterday reported a profit for the first quarter, which the company said was impacted by the widespread disruption in economic and social activity caused by COVID-19, which was further complicated by “the recent and significant currency devaluations in Iraq and Sudan.
Zain, which served 48.5 million customers at the end of the period, said the impact of the pandemic on the business was minimal during Q1 ‘2020, given its early stage of spread at the time, “however in Q1 2021 the impact was more profound.”
The Group, a leading mobile innovator with operations in seven markets across the Middle East and Africa, generated consolidated Revenue of KD 382 million (USD 1.3 bn) in Q1, down 6% year-on-year (Y-o-Y).
Zain Group generates revenue of $1 3bn, net kuwaittimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kuwaittimes.net Daily Mail and Mail on Sunday newspapers.
KUWAIT CITY, 7 days ago Zain Group, a leading mobile innovator with operations in seven markets across the Middle East and Africa, has generated a revenue of KD382 million ($1.3 billion) for the first three months along with a KD45 million ($147 million) net profit. It also served 48.5 million customers during this period. Announcing its consolidated financial results for the first three months ended March 31, 2021, Zain said it generated consolidated revenue of KD382 million ($1.3 billion) for the first quarter, down 6% year-on-year (Y-o-Y). Ebitda for the quarter reached KD158 million ($523 million), down 7% Y-o-Y, reflecting an ebitda margin of 41%. Net income for the quarter reached KD 45 million ($147 million), down 5% Y-o-Y reflecting an Earnings Per Share of 10 Fils ($0.03).
Group records net profit income of $147 million for Q1; EBITDA reaches $523 million
KUWAIT CITY, May 9: Zain Group, a leading mobile innovator with operations in seven markets across the Middle East and Africa, has announced its consolidated financial results for the first quarter (Q1) ended March 31, 2021. Zain served 48.5 million customers at the end of the period.
Zain Group generated consolidated Revenue of KD 382 million (USD 1.3 billion) for the first quarter of 2021, down 6% year-on-year (Y-o-Y). EBITDA for the quarter reached KD 158 million (USD 523 million), down 7% Y-o-Y, reflecting an EBITDA margin of 41%. Net income for the quarter reached KD 45 million (USD 147 million), down 5% Y-o-Y reflecting an Earnings Per Share of 10 Fils (USD 0.03). Significantly, Zain Group net income grew operationally by 4% Y-o-Y for Q1, 2021, when excluding the one-time gain from the sale and lease back of towers in Kuwait during Q1 2020.