Monday 24 February 2020

Zain Bahrain reports 9pc growth in net profit for H1

MANAMA, July 31, 2019

Zain Bahrain, a leading telecommunications provider in the kingdom, reported a net profit of BD2.533 million ($6.701 million) for the six months ending 30 June 2019, representing a 9% increase year-on-year (Y-o-Y) from BD2.332 million ($6.169 million) in the same period of 2018. 
Operating profit increased 34% Y-o-Y from BD2.324 million ($6.148 million) in H1 2018 to BD3.106 million ($8.217) in H1 2019, with these positive results being attributed to increased efficiency and cost optimization initiatives in addition to a growth in the company’s consumer and Enterprise segment portfolios. 
Zain Bahrain also continues to progress its digital transformation initiatives, it said.
The growth in profit for H1 2019 was achieved despite a 7% decline in revenue to BD30.547 million ($80.812 million) as of 30 June 2019. Growth was achieved several operational enhancements, most prominently the introduction of additional digital and automated services throughout Zain Bahrain’s operations. 
Earnings per share grew 17% Y-o-Y in H1 2019 to 7 fils from 6 fils in H1 2018. Quarter-on-quarter, earnings per share decreased from 3 fils in Q2 2018 to 2 fils in Q2 2019. 
In the three-month period ending 30 June 2019 (Q2 2019), Zain Bahrain’s net profit decreased by 34% Y-o-Y, from BD1.224 million ($3.238 million) in Q2 2018 to BD 811,000 ($2.146 million). 
Operating profit for the quarter increased 5% from BD1.197 million ($3.167 million) in Q2 2018 to BD1.254 million ($3.317 million), while revenue came in at BD14.932 million ($39.503 million) in Q2 2019, a decrease of 9% from BD16.326 million (US$43.190) in Q2 2018. 
At the balance sheet level, the company’s assets for the six-month period ending 30 June 2019 amounted to BD111.539 million ($295.077 million), up 18% Y-o-Y from BD94.803 million ($250.802 million) in H1 2018. Zain Bahrain's total equity at the end of H1 2019 stood at BD69.525 million ($183.929 million), down 1% from BD70.213 million ($185.749 million) in H1 2018.
Zain Bahrain chairman Shaikh Ahmed bin Ali Al Khalifa said: “The first six months of 2019 have set the tone for how we wish to continue – on a positive trajectory that combines profitability with our commitment to delivering a superior experience to our customers. We shall continue to provide services and innovative solutions that cater to the needs of our customers across all segments in an increasingly digital community. We are committed to retaining our position as a leading digital operator in Bahrain. Our pursuit of excellence will remain the top priority as we seek to implement state-of-the-art solutions and technologies that delight our customers and help the Kingdom to realize its digital transformation vision.”  - TradeArabia News Service


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