Financial Results : Zain KSA H1 net profit slumps 86% to SAR 172M, Q2 at SAR 105M

Zain KSA H1 net profit slumps 86% to SAR 172M, Q2 at SAR 105M

25/07/2024 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a net profit of SAR 172 million in H1 2024, a plunge of 86% from SAR 1.25 billion in the year earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 4,814.54 5,087.38 5.7 %
Gross Income 2,898.48 3,085.63 6.5 %
Operating Income 443.74 492.42 11.0 %
Net Income 1,251.41 171.71 (86.3 %)
Average Shares 898.73 898.73 -
EPS (Riyals) 1.39 0.19 (86.3 %)

The telco said its financing costs increased by SAR 26.5 million due to higher LIBOR and SAIBOR.

 

However, Zain KSA’s H1 2024 revenue rose 5.67% year-on-year (YoY) due to the growth in 5G services, B2B sales, wholesale, and Hajj season, in addition to the growth in “Tamam” business. 

  

Q2 2024 net profit declined 8% YoY to SAR 105 million as operating expenses rose 6% YoY and expected credit loss (ECL) costs increased by SAR 33 million. Cost of finance increased by SAR 20 million due to higher SAIBOR and LIBOR. 

 

Meanwhile, the company recorded a one-time government grant income at SAR 52 million related to the closure of a project. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2,392.38 2,552.20 6.7 %
Gross Income 1,483.64 1,540.46 3.8 %
Operating Income 252.58 241.69 (4.3 %)
Net Income 114.19 105.20 (7.9 %)
Average Shares 898.73 898.73 -
EPS (Riyals) 0.13 0.12 (7.9 %)
On a quarterly basis, net earnings jumped 57.9% from SAR 66.51 million in Q1 2024. 
 
Total shareholders’ equity, no minority interest, reached SAR 10.31 billion by June 30, 2024, compared to SAR 10.61 billion in prior-year period.

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