Zain KSA announced Monday that its total earnings for the year 2011 increased by 26 percent to SR3.20 billion, compared to total earnings of SR2.53 billion recorded for the year before. Revenues increased by 13 percent from SR5.93 billion in 2010 to SR6.70 billion in 2011. Operator of the Kingdom of Saudi Arabia's most up-to-date network, Zain KSA said it is preparing to expand its LTE (Long Term Evolution) network in all major cities, in order to further promote this technology across the majority of the country. Expansion plans will also include further expansion of the company's Fiber Optic Network project, which is set to significantly cut operating costs for leased lines. These combined activities will further help extend Zain KSA's coverage footprint in the Kingdom. The announcement of these plans follows the improved financial performance for Zain KSA in the past year, where tangible increases were recorded across all key financial indices. Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 172 percent compared to 2010, to an SR899 million. Zain KSA's new operational strategy has helped the company cut operational losses significantly, down 30 percent to SR811 million (2010: SR1.16 billion). Highlighting the fact that these financial results set the ground for a new growth phase, Zain KSA noted that the enhancement projects will allow the company to offer the latest in communication network technologies, as well as top-of-the-line broadband products, which will help the company reach and earn the trust of a wider segment of customers. Commenting on the Company's financial results and upcoming plans, Prince Dr. Hussam Bin Saud Bin Abdul Aziz, Chairman of Zain KSA, said: "As Zain KSA shifts its focus and intensifies efforts in order to reach new horizons and higher ambitions, these strategies come in time to help us shape the next phase in a way that will boost the company's strategic position and competitive edge in KSA's mobile telecom market." He said executing huge technical projects at this point comes in line with the company's plans to reach a turning point in its history, ensuring the fulfillment of its objectives within a record timeframe.
