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.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 4,814.54 | 5,087.00 | 5.7 % |
| Gross Income | 2,898.48 | 3,086.00 | 6.5 % |
| Operating Income | 444.00 | 492.00 | 10.8 % |
| Net Income | 1,251.00 | 172.00 | (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.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2,392.38 | 2,552.00 | 6.7 % |
| Gross Income | 1,483.64 | 1,540.00 | 3.8 % |
| Operating Income | 253.00 | 242.00 | (4.3 %) |
| Net Income | 114.00 | 105.00 | (7.9 %) |
| Average Shares | 898.73 | 898.73 | - |
| EPS (Riyals) | 0.13 | 0.12 | (7.9 %) |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 2,535.18 | 2,552.00 | 0.7 % |
| Gross Income | 1,545.17 | 1,540.00 | (0.3 %) |
| Operating Income | 250.73 | 242.00 | (3.5 %) |
| Net Income | 66.51 | 105.00 | 57.9 % |
| Average Shares | 898.73 | 898.73 | - |
| EPS (Riyals) | 0.07 | 0.12 | 57.9 % |
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