Energy minister leads Saudi delegation to COP29 Baku    Saudi Cabinet upbeat about Riyadh summit strengthening joint action to stop Gaza war    "Tilal" launches "Heart of Khobar" project costing SR6 billion at "Cityscape Global" in Riyadh    Saudi Arabia advances 22 ranks in World Bank's Statistical Performance Index    EXPRO chief: Financial proceeds of expenditure efficiency amounted to SR1.15 trillion    Saudi drivers' income from delivery applications reaches SR1.1 billion in first 9 months of 2024    Saudi Champion Saeed Al-Mouri scores notable feat in Radical World Championship in Abu Dhabi with support from Bin-Shihon Group    'Marvels of Saudi Orchestra' to dazzle audience in Tokyo on Nov. 22    Pakistan PM visits MWL headquarters in Makkah    Riyadh: The hub of wisdom and the pillar of solidarity    Toxic smog in Pakistan is so bad you can see it from space    New Zealand PM says sorry for 'horrific' care home abuse    New arrests made in Amsterdam over violence after football match    Climate fight 'bigger than one election', says Biden's top envoy    Red Sea International Film Festival returns to Al Balad in its fourth edition    Rita Ora is tearful in tribute to Liam Payne at MTV Awards    'Art of the Kingdom': First traveling exhibition of contemporary Saudi art launched in Rio de Janeiro    France to deploy 4,000 police officers for UEFA Nations League match against Israel    Al Nassr edges past Al Riyadh with Mane's goal to move up to third    Al Ahli continues strong form with 2-0 win over Al Raed in Saudi Pro League    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Zain KSA revenues up 5% to SR1.7b in Q2 2016
Published in The Saudi Gazette on 31 - 07 - 2016

Zain Saudi Arabia (Zain KSA) continued improving its revenues and gross profit for the second quarter of 2016 ending June 30, 2016, compared to the same period last year. Reporting revenues of SR1,727 million, reflecting a 5% growth compared with SR1,649 million in Q2, 2015. Revenues for the first half of 2016 were up 6% at SR3,492 million compared with SR3,306 million for the first half of last year.
Zain Saudi Arabia also reported record gross profits, reaching SR1,113 million for the second quarter of 2016 with a gross margin of 64%. Rising 17%, up from SR949 million in Q2 2015 with a gross margin of 58%, gross profit also grew by 21% during the six months' period to reach SR2,198 million up from SR1,824 million during the same period of last year.
The company also reported a SR372 million EBITDA during Q2 2016, and SR817 million for the six months' period up 4% from SR782 million for the first six months of 2015. EBITDA margin reached 22% in Q2 2016 and 23% in the first half of 2016.
The company recorded the highest revenues, gross profit and gross margin since inception during the first half of 2016.
Hassan Kabbani, Chief Executive Officer of Zain Saudi Arabia, said "the company continues to show improvements, although the overall market conditions are challenging for all participants. During the second quarter of 2016 we successfully completed the refinancing of a SR2,250 million loan with competitive terms, which demonstrates the confidence that our lenders have in the company."
Kabbani added "we realize the role Zain can play in the local economy, contributing in the transformation towards a digitally enabled and diversified economy as part of the leadership's Vision 2030 plan."
"Reporting record revenues and gross profits for the six month period indicates that we are making the most of the growth opportunities that exist in the market, supported by our transformation strategy."
He further said "Zain Saudi Arabia is fully committed to the implementation of the new biometric identification requirements. So far, the vast majority of our customer base has fulfilled the necessary requirements. The cost of applying the new fingerprint regulations and our investments in our network were the main reasons for the increase in the company's expenses during the period."
He remarked "I am confident that with the continued support of our shareholders, Zain Group, the Board of Directors, as well as the efforts of the Zain team, we will overcome the challenges ahead."


Clic here to read the story from its source.