Financial Results : Zain KSA 2022 net profit surges to SAR 550 mln, Q4 at SAR 250.5 mln

Zain KSA 2022 net profit surges to SAR 550 mln, Q4 at SAR 250.5 mln

26/03/2023 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a net profit of SAR 550 million in 2022, a 157% jump from of SAR 214 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 7,900.65 9,075.17 14.9 %
Gross Income 4,884.60 5,315.37 8.8 %
Operating Income 698.74 1,065.70 52.5 %
Net Income 214.30 549.67 156.5 %
Average Shares 898.73 898.73 -
EPS (Riyals) 0.24 0.61 156.5 %

The telco said it achieved the highest-ever revenues at SAR 9.1 billion in 2022, up 15% year-on-year (YoY), due to sharper growth in B2B and 5G revenues, and the return of international visitors (for Umrah and business), in addition higher Tamam revenue. 

 

Amortization and depreciation decreased by SAR 364 million due to the reclassification of the tower's assets to assets held for sale concerning the announced disposal plan of the telecom towers.

 

Meanwhile, the cost of revenue increased by 25% YoY, however, gross profit increased by 9%. Finance costs increased by SAR 85 million due to the increase in SAIBOR and LIBOR. Operating expenses increased by SAR 404 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 2,083.10 2,403.87 15.4 %
Gross Income 1,166.17 1,452.31 24.5 %
Operating Income 192.98 379.43 96.6 %
Net Income 71.40 250.18 250.4 %
Average Shares 898.73 898.73 -
EPS (Riyals) 0.08 0.28 250.4 %

In Q4 2022, Zain KSA’s net profit jumped to SAR 250.5 million, versus SAR 71.1 million in Q4 2021.

 

Compared with the previous quarter, net profit rose from SAR 85.15 million.

 

Shareholders' equity, no minority interest, amounted to SAR 9.8 billion as of Dec. 31, 2022, compared to SAR 9.04 billion a year earlier.

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