Financial Results : Zain KSA 9M 2020 net profit falls 41% to SAR 224 mln

Zain KSA 9M 2020 net profit falls 41% to SAR 224 mln

03/11/2020 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) posted a net profit after Zakat and tax of SAR 224 million for the first nine months of 2020, a 41% decline year-on-year (YoY) from SAR 380 million due to lower revenue, higher cost of revenue and an increase in depreciation and amortization.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 6,158.33 5,855.67 (4.9 %)
Gross Income 4,499.14 4,094.05 (9.0 %)
Operating Income 1,328.04 791.65 (40.4 %)
Net Income 380.22 224.00 (41.1 %)
Average Shares 573.22 573.22 -
EPS (Riyals) 0.66 0.39 (41.1 %)

This decline was partially compensated by a decrease in operating expenses and financial cost.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 2,008.08 1,927.59 (4.0 %)
Gross Income 1,495.03 1,265.93 (15.3 %)
Operating Income 450.21 138.27 (69.3 %)
Net Income 120.71 60.17 (50.2 %)
Average Shares 573.22 573.22 -
EPS (Riyals) 0.21 0.10 (50.2 %)

The Q3 2020 net profit after Zakat and tax stood at SAR 60 million, a 50% drop YoY as revenue declined due to the cumulative impact of the coronavirus pandemic and the reduction of mobile termination rate.

 

The telco also noted higher cost of revenue along with depreciation and amortization, and lower finance cost.

 

The company also released certain provision in this quarter with a net impact of SAR 39 million versus SAR 129 million in Q3 2019.

 

On a sequential basis, Zain KSA’s net profit grew 1.7% in Q3 2020.

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