Zain Group announced its consolidated financial results for the third quarter (Q3) and nine-month (9M) period ending 30 September 2024, serving 47.2 million customers.
Zain Group has demonstrated strong growth and resilience in the first nine months of 2024, marked by rising revenues, expanding digital services, and strategic investments in advanced telecom infrastructure across its key markets.
The telecom giant has achieved significant gains in the data, fintech, and enterprise segments, along with rapid growth in its digital operator platforms. With a focus on innovation, Zain continues to drive value for shareholders and enhance its service offerings, solidifying its position as a leading player in the Middle Eastern telecom landscape.
Q2 Results: Zain Group Net Profit Soars to USD 170 Million in Q2 2024
9M Group Key Performance Indicators 2024
|
Consolidated Revenue |
KWD 1.45 billion |
USD 4.71 billion |
|
EBITDA |
KWD 505 million |
USD 1.65 billion |
|
EBITDA Margin |
35% |
- |
|
Net Income |
KWD 136 million |
USD 442 million |
|
EPS |
31 fils |
USD 0.10 |
Q3 Group Key Performance Indicators 2024
|
Consolidated Revenue |
KWD 501 million |
USD 1.64 billion |
|
EBITDA |
KWD 180 million |
USD 589 million |
|
EBITDA Margin |
36% |
- |
|
Net Income |
KWD 54 million |
USD 177 million |
|
EPS |
13 fils |
USD 0.04 |
Q3 and 9M 2024 Operational Performance
On October 6, 2024, an interim cash dividend of 10 fils per share, totaling KWD 43.3 million (USD 141.5 million), was distributed to eligible shareholders for the first half of the year.
The third quarter of 2024 saw notable net income growth across several of Zain's key markets, including a 9% increase in Zain Kuwait, a 116% increase in Zain KSA, an 82% increase in Zain Iraq, and a 6% in Zain Jordan. However, in Sudan, currency devaluation negatively impacted Q3’24 financial performance, with the Sudanese pound depreciating from SDG 638 per USD in September 2023 to SDG 1,982 per USD by the end of September 2024.
For the first nine months of 2024, data revenue grew 1% year-over-year (YoY), reaching USD 1.8 billion and representing 38% of Zain’s consolidated revenue. During this period, Zain also invested USD 340 million in capital expenditure (CapEx), focusing on expanding FTTH infrastructure, acquiring spectrum, and upgrading 4G and 5G networks.
Zain’s fintech services, led by TAMAM and ZainCash, saw a revenue increase of 13% over the first nine months of 2024. Group-wide enterprise revenue, including B2B mobility services, also grew by 6%. ZainTECH recorded a remarkable 92% revenue increase during the same period, supported by the consolidation of STS Arabia and the expansion of regional offices in Bahrain and Saudi Arabia.
The company’s digital services, including the Dizlee API platform, experienced customer growth due to the addition of new gaming and streaming options. Digital operators, ‘Yaqoot’ in Saudi Arabia and ‘oodi’ in Iraq, also recorded strong nine-month revenue growth of 21% and 120%, respectively.
In recognition of its achievements, Zain Group was awarded for "Excellence in Implementing Innovative Data Architectures."
Comparison: Zain Group’s FY23: Momentous Year With Strong Operational, Financial Performance
Strong Foundations, Strengthened Results
Commenting on the results, Chairman of the Board of Directors of Zain Group, Mr. Osamah Othman Al Furaih, said, "The strong foundations we have established over the years continue to drive shareholder value and empower us to overcome the various socio-economic challenges across our footprint where we continue to implement purposeful ESG practices.”
Meanwhile, Zain Vice-Chairman and Group CEO, Bader bin Nasser Al-Kharafi, commented, “Our operations in Kuwait, Saudi Arabia, Iraq, Jordan, and Bahrain have all reported solid year-on-year growth in their key financial metrics. Furthermore, we are witnessing robust revenue growth in our strategic business verticals, namely ZainTECH, Zain Omantel International, and in our fintech and digital services entities. These all-round efforts have resulted in Zain recording 15-year revenue highs for both the third quarter and nine-month periods.”
Zain Group Exclusives:
Zain Group Outlines its ‘Ten-Year Journey’
Women Empowerment at the Heart of Zain Group’s Initiatives
