The Zain Group's financials for the third quarter have shown significant growth in revenue, net profit and customer numbers. The results, which were released Wednesday, put the group's recorded consolidated revenues at $1.89 billion, an increase of 25 percent compared to the third quarter of 2007. Net profits reached $326.6 million, an increase of 7 percent from the same quarter last year. Year-on-year customer growth across Africa and the Middle East was 54 percent, with the group serving 56.3 million managed active customers as of Sept. 30. According to a company statement, Zain managed to post these results during a challenging period, highlighted by a $4.5 billion gain in capital, the launch of services in Saudi Arabia, the rebranding of African operations, and the expansion of Zain's “One Network.” “This quarter has been both the most challenging and most rewarding in Zain's corporate history since the launch of our profitable expansion strategy in 2003, laying the foundation for our 2011 targets of being a top 10 global telecommunications company,” said Zain CEO Saad Al-Barrak. Al-Barrak said the company has invested heavily in both license acquisitions and network upgrades in recent years to meet its 2011 target of serving 150 million customers. This strategy has resulted in exponential growth for the company's Nigerian operation, he said. “We are extremely excited by the future potential in all facets of this operation,” he added. In East Africa, the focus on customer acquisition has been paying off in Madagascar, Tanzania and Uganda, he added, with all three operations recording impressive results. The group expects its revamped Kenyan operation to turn around following the management and operational changes Zain has implemented, Al-Barrak said, and the company will commence mobile services in Ghana by the end of the year.
