Zain Saudi Arabia's net loss in the second quarter of this year decreased 29 percent to SR448 million compared to SR632 million for the same quarter last year, the company said in a statement posted on Tadawul website Sunday. Net loss dropped 16 percent as against net loss of SR532 million incurred in the first quarter of 2011, it added. Net loss during the six-month period amounted to SR980 million, compared to SR1,294 million for the same period last year, which represents a decrease of 24 percent. Loss per share during the six-month period amounted to SR0.70 compared to SR0.92 for the same period last year. Gross profit during the 2nd quarter amounted to SR923 million compared to SR608 million for the same quarter last year, which represents an increase of 52 percent. Loss from operations during the second quarter amounted to SR144 million, compared to SR314 million for the same quarter last year, which represents a decrease of 54 percent. Gross profit during the six-month period amounted to SR1,639 million compared to SR922 million for the same period last year, which represents an increase of 65 percent. Dr. Saad Al-Barrak, Managing Director and CEO of Zain Saudi Arabia, said the decline in net losses in the 2nd quarter of 2011 was due to the “company's success in growing its customers base which exceeded 9 million customers in less than three years of the launch of its operations in the Kingdom,” “The company was able to introduce a banquette of innovative services and offers that helped in winning the confidence of millions of customers and pushed the pace of progress of the company's march in the Saudi market,” he added. He further said the huge accomplishments in revenue this year reflect the company's ability to make its way upward toward achieving its strategic objectives noting that Zain KSA aims at having its revenue exceeds SR8 billion by the end of the year 2011.
