Zain KSA has announced its financial results for the first nine months of 2024, achieving a total revenue of SAR 7.7 billion, indicating a 4.5% year-on-year (YoY) growth. Net profit over the period amounted to SAR 322 million, indicating a 33% increase compared to the corresponding 2023 period, excluding its tower sales earnings.
This financial performance reflects Zain KSA’s strategic focus on enhancing customer experience and expanding future technologies and 5G. The company saw significant growth in revenue as a result of its enterprise sector and the widespread adoption of its Yaqoot digital service. In addition, it continued to see higher returns on its investments (ROI) in adjacent markets, particularly within the fintech sector via its fincancial serivecs platform, Tamam.
Telecom Review Exclusive: Tamam CEO, Yousef Al Musaileem: "We've Pioneered a Transformative Digital Experience in the Kingdom"
"We are committed to maintaining our strong financial performance by aligning operational efficiency with strategic investment plans and effective governance under a clear strategy. This approach ensures continuous development and innovation, actively contributing to the advancement of the national telecom sector and fulfilling the aspirations of our astute leadership to build a digital knowledge-based economy that promotes well-being for all,” commented Acting CEO of Zain KSA, Eng. Saad bin Abdulrahman Al-Sadhan.
During the third quarter of this year, Zain KSA focused on creating an innovative, sustainable world while making a positive impact both locally and globally, aligning with its sustainable development goals (SDGs) and community empowerment. Zain KSA’s corporate sustainability report demonstrated how the Saudi-based telco’s sustainability strategy aligns with overall operations and showcased the tangible impact achieved, all of which falls in line with Saudi Vision 2030’s sustainability goals.
The company also strengthened its commitment to empowering all segments of society by announcing a strategic partnership with the Ministry of Human Resources and Social Development. Through this initiative, Zain KSA will provide training and development programs for individuals with disabilities, along with tailored job opportunities.
Zain KSA has recently advanced its ranking on the MSCI Environmental, Social, and Governance (ESG) Index, achieving an upgraded rating of ‘AA,’ up from last year’s ‘A’ rating. This achievement places the company in the ‘Leader’ category in terms of ESG practices, ranking it among the 179 telecommunications companies featured on this global index.
Read About Zain KSA’s Q3 Milestones and More:
Zain KSA Achieves 94% 4G and 65% 5G Population Coverage
Zain KSA Recognized as Leader in ESG Practices in the ICT Sector
Zain KSA’s H1 2024 Results: SAR 5 Billion Revenue, 60% Net Profit Growth
