Financial Results : Zain KSA Q1 2023 net profit soars to SAR 563 mln

Zain KSA Q1 2023 net profit soars to SAR 563 mln

09/05/2023 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a surge in Q1 2023 net profit to SAR 563 million, from SAR 80.5 million in the prior-year period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,178.58 2,422.16 11.2 %
Gross Income 1,235.91 1,414.84 14.5 %
Operating Income 201.13 191.17 (5.0 %)
Net Income 80.52 1,137.22 1312.4 %
Average Shares 898.73 898.73 -
EPS (Riyals) 0.09 1.27 1312.4 %

The telco posted an increase of 11% or SAR 244 million year-on-year (YoY) in net revenue, driven by the growth in B2B, 5G, and Tamam. 

 

Zain KSA recognized a net gain of SAR 532 million on the sale and leaseback of 3,600 towers to GLI in Q1 2023, excluding any related increase in Zakat. 

 

On the other hand, the cost of revenue rose 6.9% YoY. However, gross profit grew by 14.5% or SAR 179 million. 

 

Operating expenses (OpEx) rose by SAR 195 million, while the amortization and depreciation fell by SAR 16 million. In addition, the finance costs increased by SAR 50 million due to the increase in SAIBOR and LIBOR. 

 

Compared to Q4 2022, net profit more than doubled from SAR 250.17 million.

 

Shareholders' equity, no minority interest, amounted to SAR 10.35 billion as of March 31, 2023, compared to SAR 9.23 billion a year earlier.

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