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Zain Q4 net profit rises 8pc

KUWAIT, February 10, 2016

Zain, Kuwait's No.1 telecom operator by subscribers, reported an eight per cent rise in fourth-quarter profit on Wednesday, halting a sustained earnings slump as its subscriber base increased.

The former monopoly, which operates in eight countries in the Middle East and Africa, made a net profit of KD36 million ($120.4 million) in the three months to December 31, a company statement said.

This compares with a profit of KD33.3 million in the year-earlier period, Reuters data shows.

An analyst at Sico Bahrain had forecast Zain would make a quarterly profit of KD40.4 million.

The firm had posted falling profits in 11 of the preceding 13 quarters as tougher domestic competition, service interruptions and higher costs in war-torn Iraq and foreign exchange volatility weighed on the bottom line.

Zain's 2015 profit was KD154 million, down from KD194.3 million in 2014. The operator had 45.6 million customers at 2015-end, up three per cent from a year earlier.

Zain's board has recommended paying an annual cash dividend of 30 fils per share for 2015. This compares with a cash payout of 40 fils per share for 2014.

In Kuwait, Zain competes with Ooredoo Kuwait, a subsidiary of Qatar's Ooredoo, and Viva, a unit of Saudi Telecom Company (STC).-Reuters




Tags: Kuwait | profit | Zain |

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