Financial Results : Zain Saudi’s Q1 2020 net profit declines 19% to SAR 105 mln

Zain Saudi’s Q1 2020 net profit declines 19% to SAR 105 mln

30/04/2020 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain Saudi) reported a net profit of SAR 105 million for the first quarter of 2020, a decline of 19% year-on-year (YoY), compared to SAR 129 million in the same period last year.

 

The company attributed the decline to decrease in revenue by 2.65% to SAR 55 million on the back of lower demand for low-margin products and services.

 

The telecom operator also cited higher operating expenses by SAR 5 million, expected credit loss by SAR 4 million, depreciation and amortization by SAR 9.5 million, and Zakat by SAR 5 million.

 

The company also released certain provisions in Q1 2020 with a net impact of SAR 133 million compared to SAR 107 million in Q1 2019.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 2,093.49 2,038.87 (2.6 %)
Gross Income 1,480.38 1,473.43 (0.5 %)
Operating Income 431.78 356.71 (17.4 %)
Net Income 129.31 105.22 (18.6 %)
Average Shares 573.22 573.22 -
EPS (Riyals) 0.23 0.18 (18.6 %)

When compared to the previous quarter, net profit remained unchanged despite the lower revenues amounting to SAR 189 million on the back of decreased demand for low-margin products and services

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