Zain swings to profit in H1 2019

14/07/2019 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain) posted a net profit after zakat and tax of SAR 260 million for the first half of 2019, versus net loss of SAR 115 million, the company said in a bourse statement on Sunday.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	3,532.40	4,150.25	17.5 %
Gross Income	2,279.33	3,004.11	31.8 %
Operating Income	391.47	877.83	124.2 %
Net Income	(114.90)	259.51	325.9 %
Average Shares	573.22	573.22	-
EPS (Riyals)	(0.20)	0.45	325.9 %

The rise in profit can be attributed to a 17.5 percent increase in revenue, to SAR 4.2 billion, on the growing demand for the company’s products.

The revenue growth, coupled with the decrease in CITC royalty fees, resulted in an increase in gross profit by SAR 725 million, the statement added.

This has led to an increase in EBITDA to reach SAR 1.89 billion in H1 2019, representing 46 percent of revenue, amounting to SAR 246 million from operating and administrative expenses to depreciation and amortization and finance charges.

Depreciation and amortization increased by SAR 279 million while financing charges increased by SAR 80 million mainly from the enactment of IFRS 16.

The second-quarter net profit after zakat and tax stood at SAR 130 million, versus a net loss of SAR 38 million in year-earlier period, backed by an 11 percent rise year-on-year (YoY) in revenues; increasing demand for the company’s products; as well as the decrease in CITC royalty fees from 15 percent to 10 percent.

The telecom operator also cited writing back provisions related to its settlement with ministry of finance, Saudi Ministry of Communications and Information Technology (MCIT), and Communications and Information Technology Commission (CITC).

The second quarter also saw a SAR 362 million gross profit increase to reach SAR 1.5 billion compared to SAR 1.16 billion in Q2 2018.

This increase in gross profit was partially offset by an increase in operating and administrative expenses (excluding the reclassification of IFRS 16 amounting SAR 122 million) mainly due to the additional spending in technology and marketing.

EBITDA significantly improved to reach SAR 944 million, representing 46 percent of revenue.

Depreciation and amortization fees increased by SAR 134 million while financing charges increased by SAR 29 million mainly due to the implementation of IFRS 16.

When compared to previous quarter, net profit remained almost flat, on writing back provisions related to its settlement with Ministry of Finance, MCIT, and CITC, resulting in a net impact of SAR 129 million, compared to SAR 107 million in the previous quarter.

Revenue dropped by 1.75 percent due to the seasonality factors, offset by lower cost of revenue.

Operating and administrative expenses increased by SAR 31 million due to the additional spend in technology and marketing. This increase negatively affected EBITDA by SAR 11 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	1,846.43	2,056.76	11.4 %
Gross Income	1,161.96	1,523.73	31.1 %
Operating Income	211.14	446.05	111.3 %
Net Income	(37.57)	130.20	446.5 %
Average Shares	573.22	573.22	-
EPS (Riyals)	(0.07)	0.23	446.5 %

Item	Q1 2019	Q2 2019	Change‬
Revenues	2,093.49	2,056.76	(1.8 %)
Gross Income	1,480.38	1,523.73	2.9 %
Operating Income	431.78	446.05	3.3 %
Net Income	129.31	130.20	0.7 %
Average Shares	573.22	573.22	-
EPS (Riyals)	0.23	0.23	0.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2010	1,094.23	88.1 %	384.34	163.3 %	(435.29)	33.6 %
Q2 2010	1,450.41	106.8 %	608.03	358.6 %	(314.45)	55.5 %
Q3 2010	1,661.95	101.3 %	712.13	193.1 %	(235.17)	64.8 %
Q4 2010	1,727.78	93.0 %	825.94	132.3 %	(178.67)	59.1 %
2010	5,934.37	97.5 %	2,530.45	188.5 %	(1163.58)	52.8 %
Q1 2011	1,484.22	35.6 %	716.02	86.3 %	(233.11)	46.4 %
Q2 2011	1,704.65	17.5 %	923.22	51.8 %	(143.80)	54.3 %
Q3 2011	1,794.81	8.0 %	870.12	22.2 %	(221.60)	5.8 %
Q4 2011	1,715.39	(0.7 %)	690.82	(16.4 %)	(212.97)	(19.2 %)
2011	6,699.06	12.9 %	3,200.17	26.5 %	(811.48)	30.3 %
Q1 2012	1,521.59	2.5 %	702.20	(1.9 %)	(191.20)	18.0 %
Q2 2012	1,629.02	(4.4 %)	707.12	(23.4 %)	(174.00)	(21.0 %)
Q3 2012	1,529.90	(14.8 %)	711.62	(18.2 %)	(304.79)	(37.5 %)
Q4 2012	1,490.16	(13.1 %)	738.98	7.0 %	(261.61)	(22.8 %)
2012	6,170.67	(7.9 %)	2,859.92	(10.6 %)	(931.60)	(14.8 %)
Q1 2013	1,719.40	13.0 %	776.23	10.5 %	(232.94)	(21.8 %)
Q2 2013	1,706.35	4.7 %	830.76	17.5 %	(206.12)	(18.5 %)
Q3 2013	1,573.32	2.8 %	760.98	6.9 %	(239.00)	21.6 %
Q4 2013	1,523.52	2.2 %	766.88	3.8 %	(271.26)	(3.7 %)
2013	6,522.59	5.7 %	3,134.86	9.6 %	(949.32)	(1.9 %)
Q1 2014	1,545.77	(10.1 %)	798.66	2.9 %	(127.18)	45.4 %
Q2 2014	1,567.13	(8.2 %)	797.05	(4.1 %)	(135.83)	34.1 %
Q3 2014	1,553.00	(1.3 %)	810.67	6.5 %	(218.60)	8.5 %
Q4 2014	1,556.46	2.2 %	816.27	6.4 %	(187.47)	30.9 %
2014	6,170.27	(5.4 %)	3,222.65	2.8 %	(669.09)	29.5 %
Q1 2015	1,656.79	7.2 %	874.43	9.5 %	(59.05)	53.6 %
Q2 2015	1,648.83	5.2 %	949.40	19.1 %	0.94	100.7 %
Q3 2015	1,763.73	13.6 %	1,062.18	31.0 %	(0.89)	99.6 %
Q4 2015	1,672.03	7.4 %	1,065.09	30.5 %	(82.42)	56.0 %
2015	6,741.38	9.3 %	3,951.10	22.6 %	(141.42)	78.9 %
Q1 2016	1,764.88	6.5 %	1,085.55	24.1 %	(32.03)	45.8 %
Q2 2016	1,727.40	4.8 %	1,112.80	17.2 %	(108.29)	(11620.3 %)
Q3 2016	1,633.76	(7.4 %)	1,060.63	(0.1 %)	(1.97)	(120.0 %)
Q4 2016	1,800.61	7.7 %	1,141.69	7.2 %	87.85	206.6 %
2016	6,926.65	2.7 %	4,400.67	11.4 %	(54.43)	61.5 %
Q1 2017	1,919.05	8.7 %	1,290.99	18.9 %	272.70	951.5 %
Q2 2017	1,864.57	7.9 %	1,258.55	13.1 %	235.01	317.0 %
Q3 2017	1,806.56	10.6 %	1,230.87	16.1 %	228.95	11739.3 %
Q4 2017	1,715.65	(4.7 %)	1,132.61	(0.8 %)	166.58	89.6 %
2017	7,305.82	5.5 %	4,913.02	11.6 %	903.24	1759.4 %
Q1 2018	1,685.97	(12.1 %)	1,117.37	(13.4 %)	180.33	(33.9 %)
Q2 2018	1,846.43	(1.0 %)	1,161.96	(7.7 %)	211.14	(10.2 %)
Q3 2018	1,951.88	8.0 %	1,320.57	7.3 %	307.34	34.2 %
Q4 2018	2,046.24	19.3 %	1,824.66	61.1 %	674.60	305.0 %
2018	7,530.53	3.1 %	5,424.56	10.4 %	1,373.41	52.1 %
Q1 2019	2,093.49	24.2 %	1,480.38	32.5 %	431.78	139.4 %
Q2 2019	2,056.76	11.4 %	1,523.73	31.1 %	446.05	111.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2009	3,004.05	494.6 %	877.03	5228.5 %	(2466.92)	(45.1 %)
2010	5,934.37	97.5 %	2,530.45	188.5 %	(1163.58)	52.8 %
2011	6,699.06	12.9 %	3,200.17	26.5 %	(811.48)	30.3 %
2012	6,170.67	(7.9 %)	2,859.92	(10.6 %)	(931.60)	(14.8 %)
2013	6,522.59	5.7 %	3,134.86	9.6 %	(949.32)	(1.9 %)
2014	6,170.27	(5.4 %)	3,222.65	2.8 %	(669.09)	29.5 %
2015	6,741.38	9.3 %	3,951.10	22.6 %	(141.42)	78.9 %
2016	6,926.65	2.7 %	4,400.67	11.4 %	(54.43)	61.5 %
2017	7,305.82	5.5 %	4,913.02	11.6 %	903.24	1759.4 %
2018	7,530.53	3.1 %	5,424.56	10.4 %	1,373.41	52.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2010	(662.45)	13.4 %	(3.01)	-	(662.45)	(3.01)
Q2 2010	(631.59)	26.3 %	(2.87)	-	(631.59)	(2.87)
Q3 2010	(543.79)	33.7 %	(2.47)	-	(543.79)	(2.47)
Q4 2010	(520.61)	20.8 %	(2.36)	-	(520.61)	(2.36)
2010	(2358.44)	23.9 %	(10.71)	-	(2358.44)	(10.71)
Q1 2011	(531.75)	19.7 %	(2.41)	-	(531.75)	(2.41)
Q2 2011	(448.18)	29.0 %	(2.03)	-	(448.18)	(2.03)
Q3 2011	(483.81)	11.0 %	(2.20)	-	(483.81)	(2.20)
Q4 2011	(461.46)	11.4 %	(2.09)	-	(461.46)	(2.09)
2011	(1925.20)	18.4 %	(8.74)	-	(1925.20)	(8.74)
Q1 2012	(419.99)	21.0 %	(1.91)	-	(419.99)	(1.91)
Q2 2012	(393.64)	12.2 %	(1.79)	-	(393.64)	(1.79)
Q3 2012	(493.00)	(1.9 %)	(0.86)	-	(493.00)	(0.86)
Q4 2012	(442.78)	4.0 %	(0.77)	-	(442.78)	(0.77)
2012	(1749.40)	9.1 %	(3.05)	-	(1749.40)	(3.05)
Q1 2013	(397.95)	5.2 %	(0.69)	-	(397.95)	(0.69)
Q2 2013	(370.41)	5.9 %	(0.65)	-	(370.41)	(0.65)
Q3 2013	(420.81)	14.6 %	(0.73)	-	(420.81)	(0.73)
Q4 2013	(462.30)	(4.4 %)	(0.81)	-	(462.30)	(0.81)
2013	(1651.47)	5.6 %	(2.88)	-	(1651.47)	(2.88)
Q1 2014	(318.36)	20.0 %	(0.56)	-	(318.36)	(0.56)
Q2 2014	(328.94)	11.2 %	(0.57)	-	(328.94)	(0.57)
Q3 2014	(315.81)	25.0 %	(0.55)	85.00	(400.81)	(0.70)
Q4 2014	(306.46)	33.7 %	(0.53)	50.47	(356.92)	(0.62)
2014	(1269.57)	23.1 %	(2.21)	135.47	(1405.03)	(2.45)
Q1 2015	(256.72)	19.4 %	(0.45)	-	(256.72)	(0.45)
Q2 2015	(201.16)	38.8 %	(0.35)	-	(201.16)	(0.35)
Q3 2015	(222.95)	29.4 %	(0.39)	-	(222.95)	(0.39)
Q4 2015	(291.11)	5.0 %	(0.51)	-	(291.11)	(0.51)
2015	(971.95)	23.4 %	(1.70)	-	(971.95)	(1.70)
Q1 2016	(250.00)	2.6 %	(0.44)	-	(250.00)	(0.44)
Q2 2016	(328.30)	(63.2 %)	(0.57)	-	(328.30)	(0.57)
Q3 2016	(266.11)	(19.4 %)	(0.46)	-	(266.11)	(0.46)
Q4 2016	(134.13)	53.9 %	(0.23)	-	(134.13)	(0.23)
2016	(978.54)	(0.7 %)	(1.71)	-	(978.54)	(1.71)
Q1 2017	45.47	118.2 %	0.08	-	45.47	0.08
Q2 2017	7.69	102.3 %	0.01	-	7.69	0.01
Q3 2017	3.41	101.3 %	0.01	-	3.41	0.01
Q4 2017	(45.02)	66.4 %	(0.08)	-	(45.02)	(0.08)
2017	11.54	101.2 %	0.02	-	11.54	0.02
Q1 2018	(77.33)	(270.1 %)	(0.13)	-	(77.33)	(0.13)
Q2 2018	(37.57)	(588.4 %)	(0.07)	-	(37.57)	(0.07)
Q3 2018	48.01	1309.8 %	0.08	-	48.01	0.08
Q4 2018	399.26	986.8 %	0.70	-	399.26	0.70
2018	332.36	2780.3 %	0.58	-	332.36	0.58
Q1 2019	129.31	267.2 %	0.23	-	129.31	0.23
Q2 2019	130.20	446.5 %	0.23	-	130.20	0.23

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2009	(3099.35)	(36.0 %)	(14.07)	-	(3099.35)	(14.07)
2010	(2358.44)	23.9 %	(10.71)	-	(2358.44)	(10.71)
2011	(1925.20)	18.4 %	(8.74)	-	(1925.20)	(8.74)
2012	(1749.40)	9.1 %	(3.05)	-	(1749.40)	(3.05)
2013	(1651.47)	5.6 %	(2.88)	-	(1651.47)	(2.88)
2014	(1269.57)	23.1 %	(2.21)	135.47	(1405.03)	(2.45)
2015	(971.95)	23.4 %	(1.70)	-	(971.95)	(1.70)
2016	(978.54)	(0.7 %)	(1.71)	-	(978.54)	(1.71)
2017	11.54	101.2 %	0.02	-	11.54	0.02
2018	332.36	2780.3 %	0.58	-	332.36	0.58

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	31.72 %	(23.12 %)	(85.21 %)
Q2 2010	37.30 %	(8.97 %)	(64.97 %)
Q3 2010	40.38 %	1.01 %	(48.91 %)
Q4 2010	42.64 %	5.57 %	(39.74 %)
2010	42.64 %	5.57 %	(39.74 %)
Q1 2011	45.26 %	8.77 %	(35.22 %)
Q2 2011	48.30 %	11.75 %	(31.08 %)
Q3 2011	49.70 %	12.64 %	(29.57 %)
Q4 2011	47.77 %	13.42 %	(28.74 %)
2011	47.77 %	13.42 %	(28.74 %)
Q1 2012	47.30 %	14.66 %	(26.92 %)
Q2 2012	44.59 %	14.89 %	(26.41 %)
Q3 2012	43.96 %	14.62 %	(27.64 %)
Q4 2012	46.35 %	14.24 %	(28.35 %)
2012	46.35 %	14.24 %	(28.35 %)
Q1 2013	46.07 %	13.24 %	(27.12 %)
Q2 2013	47.44 %	12.73 %	(26.44 %)
Q3 2013	47.88 %	13.68 %	(25.15 %)
Q4 2013	48.06 %	13.65 %	(25.32 %)
2013	48.06 %	13.65 %	(25.32 %)
Q1 2014	49.73 %	15.48 %	(24.76 %)
Q2 2014	50.30 %	15.95 %	(24.65 %)
Q3 2014	51.27 %	15.29 %	(24.40 %)
Q4 2014	51.79 %	15.50 %	(22.58 %)
2014	52.23 %	15.63 %	(22.77 %)
Q1 2015	52.08 %	15.99 %	(21.21 %)
Q2 2015	53.79 %	18.43 %	(18.95 %)
Q3 2015	55.88 %	21.85 %	(15.66 %)
Q4 2015	58.61 %	24.16 %	(14.42 %)
2015	58.61 %	24.16 %	(14.42 %)
Q1 2016	60.77 %	25.19 %	(14.09 %)
Q2 2016	62.44 %	24.01 %	(15.77 %)
Q3 2016	63.61 %	25.15 %	(16.70 %)
Q4 2016	63.53 %	25.92 %	(14.13 %)
2016	63.53 %	25.92 %	(14.13 %)
Q1 2017	65.05 %	28.46 %	(9.65 %)
Q2 2017	65.83 %	31.52 %	(4.81 %)
Q3 2017	66.60 %	32.71 %	(1.05 %)
Q4 2017	67.25 %	34.45 %	0.16 %
2017	67.25 %	34.45 %	0.16 %
Q1 2018	67.01 %	34.79 %	(1.57 %)
Q2 2018	65.81 %	35.09 %	(2.22 %)
Q3 2018	65.73 %	36.27 %	(1.55 %)
Q4 2018	72.03 %	42.01 %	4.41 %
2018	72.03 %	42.01 %	4.41 %
Q1 2019	72.91 %	44.85 %	6.79 %
Q2 2019	75.47 %	48.22 %	8.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	29.19 %	(35.71 %)	(103.17 %)
2010	42.64 %	5.57 %	(39.74 %)
2011	47.77 %	13.42 %	(28.74 %)
2012	46.35 %	14.24 %	(28.35 %)
2013	48.06 %	13.65 %	(25.32 %)
2014	52.23 %	15.63 %	(22.77 %)
2015	58.61 %	24.16 %	(14.42 %)
2016	63.53 %	25.92 %	(14.13 %)
2017	67.25 %	34.45 %	0.16 %
2018	72.03 %	42.01 %	4.41 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	35.12 %	(6.43 %)	(60.54 %)
Q2 2010	41.92 %	3.94 %	(43.55 %)
Q3 2010	42.85 %	8.11 %	(32.72 %)
Q4 2010	47.80 %	12.10 %	(30.13 %)
Q1 2011	48.24 %	10.37 %	(35.83 %)
Q2 2011	54.16 %	16.16 %	(26.29 %)
Q3 2011	48.48 %	11.69 %	(26.96 %)
Q4 2011	40.27 %	15.15 %	(26.90 %)
Q1 2012	46.15 %	15.96 %	(27.60 %)
Q2 2012	43.41 %	17.16 %	(24.16 %)
Q3 2012	46.51 %	10.00 %	(32.22 %)
Q4 2012	49.59 %	13.65 %	(29.71 %)
Q1 2013	45.15 %	12.04 %	(23.14 %)
Q2 2013	48.69 %	15.08 %	(21.71 %)
Q3 2013	48.37 %	13.98 %	(26.75 %)
Q4 2013	50.34 %	13.53 %	(30.34 %)
Q1 2014	51.67 %	19.38 %	(20.60 %)
Q2 2014	50.86 %	16.90 %	(20.99 %)
Q3 2014	52.20 %	11.31 %	(25.81 %)
Q4 2014	52.44 %	14.40 %	(22.93 %)
Q1 2015	52.78 %	21.00 %	(15.50 %)
Q2 2015	57.58 %	26.36 %	(12.20 %)
Q3 2015	60.22 %	25.02 %	(12.64 %)
Q4 2015	63.70 %	24.21 %	(17.41 %)
Q1 2016	61.51 %	25.20 %	(14.17 %)
Q2 2016	64.42 %	21.54 %	(19.01 %)
Q3 2016	64.92 %	29.85 %	(16.29 %)
Q4 2016	63.41 %	27.25 %	(7.45 %)
Q1 2017	67.27 %	34.63 %	2.37 %
Q2 2017	67.50 %	33.89 %	0.41 %
Q3 2017	68.13 %	34.90 %	0.19 %
Q4 2017	66.02 %	34.40 %	(2.62 %)
Q1 2018	66.27 %	36.05 %	(4.59 %)
Q2 2018	62.93 %	35.05 %	(2.03 %)
Q3 2018	67.66 %	39.28 %	2.46 %
Q4 2018	89.17 %	55.80 %	19.51 %
Q1 2019	70.71 %	47.97 %	6.18 %
Q2 2019	74.08 %	49.41 %	6.33 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	220.28	(13.60)	(13.60)	36.14
Q2 2010	220.28	(12.58)	(12.58)	33.27
Q3 2010	220.28	(11.33)	(11.33)	29.90
Q4 2010	220.28	(10.71)	(10.71)	27.83
Q1 2011	220.28	(10.11)	(10.11)	25.58
Q2 2011	220.28	(9.28)	(9.28)	23.62
Q3 2011	220.28	(9.01)	(9.01)	21.58
Q4 2011	220.28	(8.74)	(8.74)	19.49
Q1 2012	220.28	(8.23)	(8.23)	17.79
Q2 2012	220.28	(7.98)	(7.98)	16.00
Q3 2012	573.22	(3.08)	(3.08)	15.53
Q4 2012	573.22	(3.05)	(3.05)	14.74
Q1 2013	573.22	(3.01)	(3.01)	14.05
Q2 2013	573.22	(2.97)	(2.97)	13.40
Q3 2013	573.22	(2.85)	(2.85)	12.67
Q4 2013	573.22	(2.88)	(2.88)	11.79
Q1 2014	573.22	(2.74)	(2.74)	11.22
Q2 2014	573.22	(2.67)	(2.67)	10.60
Q3 2014	573.22	(2.49)	(2.63)	10.10
Q4 2014	573.22	(2.21)	(2.45)	9.53
Q1 2015	573.22	(2.11)	(2.34)	9.04
Q2 2015	573.22	(1.88)	(2.12)	8.71
Q3 2015	573.22	(1.72)	(1.81)	8.31
Q4 2015	573.22	(1.70)	(1.70)	7.94
Q1 2016	573.22	(1.68)	(1.68)	7.45
Q2 2016	573.22	(1.91)	(1.91)	6.88
Q3 2016	573.22	(1.98)	(1.98)	6.42
Q4 2016	573.22	(1.71)	(1.71)	6.21
Q1 2017	573.22	(1.19)	(1.19)	6.28
Q2 2017	573.22	(0.61)	(0.61)	6.29
Q3 2017	573.22	(0.14)	(0.14)	6.30
Q4 2017	573.22	0.02	0.02	6.22
Q1 2018	573.22	(0.19)	(0.19)	6.31
Q2 2018	573.22	(0.27)	(0.27)	6.22
Q3 2018	573.22	(0.20)	(0.20)	6.33
Q4 2018	573.22	0.58	0.58	7.00
Q1 2019	573.22	0.94	0.94	6.60
Q2 2019	573.22	1.23	1.23	6.75

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	220.28	(14.07)	(14.07)	39.14
2010	220.28	(10.71)	(10.71)	27.83
2011	220.28	(8.74)	(8.74)	19.49
2012	573.22	(3.05)	(3.05)	14.74
2013	573.22	(2.88)	(2.88)	11.79
2014	573.22	(2.21)	(2.45)	9.53
2015	573.22	(1.70)	(1.70)	7.94
2016	573.22	(1.71)	(1.71)	6.21
2017	573.22	0.02	0.02	6.22
2018	573.22	0.58	0.58	7.00

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	NEG	NEG	4.16
Q2 2010	NEG	NEG	3.92
Q3 2010	NEG	NEG	4.08
Q4 2010	NEG	NEG	4.30
Q1 2011	NEG	NEG	4.16
Q2 2011	NEG	NEG	4.51
Q3 2011	NEG	NEG	4.47
Q4 2011	NEG	NEG	4.39
Q1 2012	NEG	NEG	9.41
Q2 2012	NEG	NEG	7.52
Q3 2012	NEG	NEG	1.95
Q4 2012	NEG	NEG	1.58
Q1 2013	NEG	NEG	1.71
Q2 2013	NEG	NEG	2.18
Q3 2013	NEG	NEG	2.22
Q4 2013	NEG	NEG	2.33
Q1 2014	NEG	NEG	2.73
Q2 2014	NEG	NEG	2.76
Q3 2014	NEG	NEG	3.12
Q4 2014	NEG	NEG	2.00
Q1 2015	NEG	NEG	1.90
Q2 2015	NEG	NEG	2.09
Q3 2015	NEG	NEG	1.75
Q4 2015	NEG	NEG	1.68
Q1 2016	NEG	NEG	1.87
Q2 2016	NEG	NEG	1.82
Q3 2016	NEG	NEG	1.67
Q4 2016	NEG	NEG	2.13
Q1 2017	NEG	NEG	2.25
Q2 2017	NEG	NEG	2.34
Q3 2017	NEG	NEG	2.22
Q4 2017	More than 100	More than 100	1.88
Q1 2018	NEG	NEG	1.81
Q2 2018	NEG	NEG	1.71
Q3 2018	NEG	NEG	1.57
Q4 2018	22.77	22.77	1.89
Q1 2019	18.68	18.68	2.66
Q2 2019	16.19	16.19	2.96

Period	P/E	Adjusted P/E	Price/book
2009	NEG	NEG	4.00
2010	NEG	NEG	4.30
2011	NEG	NEG	4.39
2012	NEG	NEG	1.58
2013	NEG	NEG	2.33
2014	NEG	NEG	2.00
2015	NEG	NEG	1.68
2016	NEG	NEG	2.13
2017	More than 100	More than 100	1.88
2018	22.77	22.77	1.89

Business Segments (Million)

Compared With The

Period	Mobile Telecommunications Company	Zain Sales	Zain Payments	Eliminations
Q1 2018	1,685.97	-	-	-
Q2 2018	1,846.43	-	-	-
Q3 2018	1,951.89	-	-	-
Q4 2018	2,046.24	-	-	-
Q1 2019	2,016.32	679.91	-	(602.74)
Q2 2019	1,978.29	670.22	-	(591.75)

Period	Mobile Telecommunications Company	Zain Sales	Zain Payments	Eliminations
2018	7,530.53	-	-	-

Analysts Estimates (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change‬
Average	126.50	130.20	2.92 %

Estimates vs Actual (Million)

Item	Q2 2019 (e)	Q2 2019 (a)	Change
AlJazira Capital	136.00	130.20	(4.3) %
SNB Capital	137.00	130.20	(5.0) %
Riyad Capital	122.00	130.20	6.7 %
Al Rajhi Capital	111.00	130.20	17.3 %

Financial Ratios

	Current
Market Cap (M Riyal)	9,454.64
Enterprise Value (EV) (M)	16,781.78
Shares Outstanding ((M))	898.73
EPS ( Riyal) (TTM)	0.30
Book Value (BV) ( Riyal)	11.62
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	35.28
Price/book	0.91
Return on Average Assets (%) (TTM)	1.0
Return on Average Equity (%) (TTM)	2.6

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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Zain swings to profit in H1 2019

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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Zain swings to profit in H1 2019

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2019

Revenue by Business Segment (Latest) 2019 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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Business Segments (Million)