Zain KSA 9M 2022 net profit rises to SAR 299 mln; Q3 at SAR 85 mln

Mobile Telecommunication Company Saudi Arabia (Zain KSA) posted a net profit after Zakat and tax of SAR 299 million for the first nine months of 2022, nearly double the SAR 143 million in the same period last year.

The profit jump came on the back of higher revenue, which rose 15% year-on-year (YoY) to SAR 854 million driven by the growth in B2B, 5G and the return of international visitors for Umrah and business.

The company also noted a decrease in depreciation and amortization by SAR 271 million, further to the announced disposal plan of the telecom towers.

Meanwhile, cost of sales increased by 34% YoY and OPEX rose 15% YoY.

The Q3 2022 net profit after Zakat and tax soared 42% YoY to SAR 85 million due to the increase in revenue. The telco also noted higher OPEX and finance costs.

On a sequential basis, Zain KSA’s net profit dropped 36.5% from SAR 133.83 million.

Shareholders' equity, excluding minority rights, at the end of 9M 2022 amounted to SAR 9.555 billion, compared to SAR 8.920 billion at the end of the same period last year.

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