Zain KSA earns SAR 322M in 9M 2024, SAR 150M in Q3

Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a net profit of SAR 322 million in the first nine months of 2024, a slump of 75.6% from SAR 1.3 billion in the prior-year period.

The nine-month bottom line was hurt by year-on-year (YoY) increases of SAR 123 million and SAR 217 million in operating expenses (OpEx) and expected credit losses, respectively.

On the other hand, revenue grew by 4.5% YoY to SAR 331 million in the current period, backed by growth in B2B sales, 5G services, wholesale revenue, in addition to the growth in Tamam business.

The telecom operator reported a drop in Zakat from SAR 65 million in 9M 2023 to SAR 32 million in 9M 2024.

Operating profit rose to SAR 810 million.

Adjusting for the sale of tower infrastructure, Zain KSA’s net profit, would have reached SAR 300 million in the nine-month period of 2024 compared to SAR 226 million in the same period of 2023.

The telecom operator’s net profit more than doubled from SAR 70 million in Q3 2023 to SAR 150 million in Q3 2024.

On a sequential basis, net earnings jumped 42.6% from SAR 105 million in Q2 2024.

Total shareholders’ equity, no minority interest, rose to SAR 10.44 billion as of Sept. 30, 2024, from SAR 10.34 billion a year earlier.

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