Zain Group, a leading provider of innovative information and communication technologies (ICT) and digital lifestyle communications, operating in eight markets across the Middle East and Africa, serving 49 million customers, announced its consolidated financial results for the full-year 2024 (FY-24), and fourth-quarter (Q4-24), ending 31 December, 2024.
Group Key Performance Indicators (KWD and USD) for the Full-Year 2024
|
Total Active Customers |
49 million |
|
Consolidated Revenue |
KWD 2 billion (USD 6.4 billion) |
|
EBITDA |
KWD 689 million (USD 2.25 billion) |
|
EBITDA Margin |
35% |
|
Net Income |
KWD 208 million (USD 677 million) |
|
EPS |
48 fils (USD 0.16) |
Zain Group’s Board of Directors recommended a cash dividend of 25 fils per share for the second half of 2024. This dividend follows the semi-annual dividend of 10 fils distributed in Q4-24, totaling 35 fils per share for the year and reflecting a 73% payout ratio, one of the highest among listed entities in the region and in line with the Board’s previously committed minimum cash dividend policy of 35 fils in total, for the three years commencing in 2023 and ending in 2025.
Furthermore, the Board made another recommendation to renew the minimum annual cash dividend policy of 35 fils in total for the forthcoming three years commencing in 2026, subject to Annual General Assembly and statutory approvals.
Group Key Performance Indicators (KWD and USD) for the Fourth Quarter of 2024
|
Consolidated Revenue |
KWD 526 million (USD 1.7 billion) |
|
EBITDA |
KWD 184 million (USD 599 million) |
|
EBITDA Margin |
35% |
|
Net Income |
KWD 72 million (USD 235 million) |
|
EPS |
17 fils (USD 0.05) |
Commenting on the 2024 full year results, the Chairman of the Board of Directors of Zain Group, Osamah Othman Al Furaih, said, “It was a defining year in growing the business and increasing shareholder value despite socio-economic challenges across our footprint. The implementation of numerous ESG (environmental, social, and governance) initiatives as well as the acceleration of digital transformation and revenue growth from new business verticals have future-proofed Zain and prepared it for the next phase of growth.”
Zain Vice-Chairman and Group CEO, Bader Nasser Al-Kharafi, commented, “Our strong operational and financial performance have exceeded the guidance we provided to the investor community. These robust results are due to the successful implementation of our 4Sight strategy that has positioned Zain among the top 15 global telecom entities in creating shareholder value over the last 5 years.
“The focus on operational efficiency, digital transformation in better serving customers, the transactions related to passive tower infrastructure, huge investments in 5G network upgrades, targeting new enterprises and government clients, and the efforts in accelerating the growth of various lucrative business verticals, were instrumental in achieving 2024 strong results. The recently launched ‘4WARD-Progress with Purpose’ will further accelerate our growth and take Zain to new heights.”
Al-Kharafi concluded, “BrandFinance’s recent valuation of the Zain brand that saw its value increase 14.5% from USD 3 billion to USD 3.5 billion, as well as enhancing its AAA- brand strength rating, is a testament to the investment Zain has placed in establishing its name and identity over the past 18 years.”
Related:
Zain Group Q3 and 9M 2024 Revenue Reaches 15-Year High
Zain Group Net Profit Soars to USD 170 Million in Q2 2024
Zain Group’s FY23: Momentous Year With Strong Operational, Financial Performance
