Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    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 Saudi net loss narrows 4% in Q4
Published in The Saudi Gazette on 22 - 01 - 2013

JEDDAH – Telecom operator Zain Saudi reported a 4 percent narrowing of fourth-quarter loss by 9 percent to SR1.749 billion, compared to SR1.925 billion in the same period a year earlier and to reduce the net loss of Q42012 by 4 percent to SR443 million, compared to SR461 million in the same quarter of the year earlier, it said in a statement Monday.
In a statement, the company attributed the narrowing loss to a decrease in financial charges.
As regards the decline in net losses in the fourth quarter of 2012 compared to the same quarter the year earlier, the company attributed it to the increase in the revenues by 13 percent to SR1.724 billion in Q42012 compared to SR1.530 during Q42011 as a result of the increase in sales' activities during the Haj season together with improvement in the operational expenses, benefiting from scale economy and keeping a firm grip over the total operational expenses.
Quarterly gross profit was SR739 million, up from SR691 million a year ago.
Loss from operations widened by 23 percent to SR262 million, compared with SR213 million for the same quarter last year.
The company made a full-year loss of SR1.7 billion in 2012. This compares with a loss of SR1.93 billion a year earlier.
The firm extended the maturity of a SR9 billion ($2.40 billion) Islamic loan for another six weeks on Dec. 19, the sixth time it has deferred payment.
Parent firm Zain in July increased its stake in Zain Saudi to 37 percent from 25 percent after underwriting the affiliate's capital restructuring.
Prince Hussam bin Saud bin Abdul Aziz Al-Saud, Chairman of the Board of Directors of Zain KSA, said that the current management of the company has followed a clear-cut strategy aiming at realizing an edge in the operational and financial performance of the Company, mentioning that Zain KSA receives full support from Zain Group.
He added that Zain KSA has well-defined goals, through which it pursues to bolster its operational and financial performance.
Prince Hussam said Zain KSA is assured and fully confident that the efficiency of its network and quality of its new innovative packages will verily help in achieving its future goals and plans. – SG


Clic here to read the story from its source.