Financial Results : Zain Saudi net profit rises 46% to SAR 485 mln in FY19

Zain Saudi net profit rises 46% to SAR 485 mln in FY19

05/02/2020 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia’s (Zain Saudi) net profit after Zakat and tax rose 46% year-on-year (YoY) to SAR 485 million for fiscal year 2019, compared to SAR 332 million a year earlier.



Financials (M)

Item 2018 2019 Change‬
Revenues 7,530.53 8,386.23 11.4 %
Gross Income 5,424.56 5,968.51 10.0 %
Operating Income 1,373.41 1,758.30 28.0 %
Net Income 332.36 485.18 46.0 %
Average Shares 573.22 573.22 -
EPS (Riyals) 0.58 0.85 46.0 %

The telecom operator attributed the growth in annual profit to an 11% increase in revenue to SAR 855 million, driven by rising demand for its products and services. In addition, operating expenses declined by SAR 269 million to SAR 491 million following the adoption of IFRS 16.

 

In Q4 2019, net profit tumbled 74% YoY to SAR 104.8 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 2,046.24 2,227.90 8.9 %
Gross Income 1,824.66 1,469.37 (19.5 %)
Operating Income 674.60 430.27 (36.2 %)
Net Income 399.26 104.96 (73.7 %)
Average Shares 573.22 573.22 -
EPS (Riyals) 0.70 0.18 (73.7 %)

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