Financial Results : Zain KSA net profit rises 98% to SAR 81 mln in Q1 2022

Zain KSA net profit rises 98% to SAR 81 mln in Q1 2022

18/04/2022 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) posted a net profit after Zakat and tax of SAR 81 million in Q1 2022, up 98% from SAR 41 million a year earlier, driven by 12.44% growth in revenue.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 1,937.51 2,178.58 12.4 %
Gross Income 1,215.51 1,235.91 1.7 %
Operating Income 158.08 201.13 27.2 %
Net Income 40.87 80.52 97.0 %
Average Shares 898.73 898.73 -
EPS (Riyals) 0.05 0.09 97.0 %

Meanwhile, cost of revenue rose by 30.6% year-on-year (YoY). Operating expenses (OPEX) increased by SAR 33 million, while amortization and depreciation decreased by SAR 56 million following the announced offers to acquire stakes in the Zain KSA towers infrastructure.

 

When compared to the previous quarter, Q1 2022 net profit rose 12.8% from SAR 71.4 million.

 

Total shareholders’ equity, excluding minority interest, increased 5% to SAR 9.238 billion in Q1 2022, compared to SAR 8.798 billion a year ago.

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