Financial Results : Zain KSA net profit jumps to SAR 1.26B in 2023, Q4 at SAR 295.6M

Zain KSA net profit jumps to SAR 1.26B in 2023, Q4 at SAR 295.6M

03/03/2024 Argaam Exclusive

View other reports

Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a net profit of SAR 1.26 billion in 2023, marking a sharp rise from a profit of SAR 550 million in the previous year.



Financials (M)

Item 2022 2023 Change‬
Revenues 9,075.17 9,882.65 8.9 %
Gross Income 5,315.37 5,857.25 10.2 %
Operating Income 1,065.70 871.33 (18.2 %)
Net Income 549.67 1,267.01 130.5 %
Average Shares 898.73 898.73 -
EPS (Riyals) 0.61 1.41 130.5 %

The telecom services provider said its revenue rose 8.9% year-on-year (YoY) to an all-time high of SAR 9.9 billion in 2023, backed by a growth in B2B, 5G, digital products, wholesale and Tamam services.

 

Gross profit increased 10% YoY. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached SAR 2.97 billion, down SAR 177 million YoY, due to higher operating expenses (OpEx).

 

Net gain from the sale and leaseback transaction of all 8,069 towers was fully recognised during 2023 for a total of SAR 1.1 billion (including SAR 121 million in net gain from the sale of Zain KSA equity in GLIC).

 

Meanwhile, the company saw in increased of SAR 708 million in distribution, marketing, general and administrative expenses, mainly due to the cost related to lease back of Tower Co. Expected credit loss expense increased by SAR 11 million.

 

Finance costs increased by SAR 153 million due to higher SAIBOR and LIBOR. Cost of revenue rose 7% YoY.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 2,403.87 2,542.77 5.8 %
Gross Income 1,452.31 1,477.29 1.7 %
Operating Income 379.43 108.00 (71.5 %)
Net Income 250.18 (54.00) (121.6 %)
Average Shares 898.73 898.73 -
EPS (Riyals) 0.28 (0.06) (121.6 %)

The telco posted net earnings of SAR 295.6 million in Q4 2023, up 18.2% from SAR 250.17 million in Q4 2022.

 

Compared with the previous quarter, net profit edged up from SAR 284.57 million.

 

Shareholders' equity, no minority interest, amounted to SAR 10.59 billion as of Dec. 31, 2023, compared to SAR 9.8 billion a year earlier.

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.