Financial Results : Zain KSA 9M 2021 net profit falls 36% to SAR 143 mln

Zain KSA 9M 2021 net profit falls 36% to SAR 143 mln

25/10/2021 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) posted a net profit after Zakat and tax of SAR 143 million for the first nine months of 2021, a 36% decline from SAR 224 million in the same period last year.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 5,855.67 5,817.54 (0.7 %)
Gross Income 4,094.05 3,718.43 (9.2 %)
Operating Income 791.65 505.76 (36.1 %)
Net Income 224.00 142.90 (36.2 %)
Average Shares 573.22 898.73 56.8 %
EPS (Riyals) 0.39 0.16 (59.3 %)

The company attributed the profit drop to a 1% year-on-year (YoY) decrease in revenue and a 19% rise YoY in the cost of revenue. 

 

This decline was partially offset by a decrease in operating expenses (OPEX) and financial costs as a result of capital restructuring in Q4 2020. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 1,927.59 1,984.17 2.9 %
Gross Income 1,265.93 1,244.06 (1.7 %)
Operating Income 138.27 188.33 36.2 %
Net Income 60.17 60.39 0.4 %
Average Shares 573.22 898.73 56.8 %
EPS (Riyals) 0.10 0.07 (36.0 %)

The Q3 2021 net profit after Zakat and tax stood at SAR 60.4 million, rising marginally from SAR 60.2 million in the same period last year, as revenue rose by 3% YoY, driven by the B2B and 5G services. 

 

The telco also noted lower OPEX and finance costs due to the reduction of the total debt as a result of capital restructuring in Q4 2020.

 

On a sequential basis, Zain KSA’s net profit grew 45% in Q3 2021.

 

Shareholders' equity, excluding minority rights, at the end of 9M 2021 amounted to SAR 8.92 billion, compared to SAR 4.243 billion at the end of the same period last year.

 

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