Financial Results : Zain KSA 9M 2023 net profit surges to SAR 971 mln, Q3 up at SAR 285 mln

Zain KSA 9M 2023 net profit surges to SAR 971 mln, Q3 up at SAR 285 mln

08/11/2023 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a net profit of SAR 971 million for the first nine months of 2023, compared to SAR 299 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 6,671.31 7,339.88 10.0 %
Gross Income 3,863.06 4,379.96 13.4 %
Operating Income 686.26 762.94 11.2 %
Net Income 299.49 1,321.07 341.1 %
Average Shares 898.73 898.73 -
EPS (Riyals) 0.33 1.47 341.1 %

Gross profit increased by SAR 517 million compared to the same period in 2022, mainly due to a 10% (SAR 669 million) rise year-on-year (YoY) in revenues, driven by the growth in revenues from B2B, 5G services, digital packages, wholesale in addition to the growth on Tamam.  

 

On the other hand, cost of revenue increased by SAR 152 million while operating expenses (OpEx) rose by SAR 470 million. Finance costs increased by SAR 114 million due to the SAIBOR and LIBOR hikes. 

 

Q3 2023 net earnings more than tripled YoY to SAR 285 million compared to SAR 85 million. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 2,286.62 2,525.34 10.4 %
Gross Income 1,376.35 1,481.49 7.6 %
Operating Income 246.48 319.20 29.5 %
Net Income 85.15 69.66 (18.2 %)
Average Shares 898.73 898.73 -
EPS (Riyals) 0.09 0.08 (18.2 %)

The telecom operator reported record quarterly revenues of SAR 2.5 billion, up by SAR 239 million, or 10% YoY. This increase was driven by the growth in revenues from B2B, 5G services, digital packages, wholesale in addition to the growth of Tamam. 

 

Sequentially, Q3 net profit surged by more than two-fold from SAR 124.18 million.  

Total shareholders’ equity, no minority interest, stood at SAR 10.34 billion by Sept. 30, 2023, compared to SAR 9.55 billion in a prior-year period.

 

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