Zain Bahrain's Q4 net profit up 17pc, revenue hits $163m
MANAMA, February 17, 2021
Zain Bahrain, a leading telecommunications provider in the kingdom, has reported resilient financial results for 2020 with a net profit of BD1.698 million for the three-month period ending December 31, 2020, up an impressive 17% from BD1.454 million the previous year.
Announcing the results for the 12-month period ending December 31, 2020, Zain Bahrain said its net profit hit BD5.404 million, representing an annual 3% increase from BD5.269 million compared to the year before.
Earnings per share for the year stood at 15 fils compared to 14 fils in 2019, a 3% increase. Zain Bahrain generated revenues of BD61.991 million compared to BD62.894 million in 2019, a 1% annual decline.
Operating profit for the period was stable at BD6.339 million, compared to BD6.340 million for 2019, it stated.
For the fourth quarter, the earnings per share for the quarter reached 5 fils up from 4 fils in Q4 2019. Revenues for the same period decreased by 8% from BD17.106 million to BD15.739 million.
Operating profit in Q4 2020 amounted to BD1.936 million, up 14% from BD1.697 million recorded in Q4 2019, it stated.
On the balance sheet level, Zain Bahrain pointed out that its total equity at the end of 2020 amounted to BD75.482 million, up 4% from BD72.260 million in 2019.
The value of the company's assets at the end of 2020 amounted to BD125.731 million, up by 6% from BD118.738 million as of 31 December, 2019.
Impressed with the results, Zain Bahrain's board of directors is recommending annual dividends to shareholders representing 6% of the company's paid-up capital, equivalent to 6 fils per share, subject to the AGM approval.
Commenting on the results, Chairman Shaikh Ahmed bin Ali Al Khalifa said: "Despite the challenges brought about by the pandemic, 2020 was another year of growth for our company thanks to our resilient policies and business approach and the dedicated efforts of our human talents."
"As a leading telecom operator in the Kingdom, Zain Bahrain continued to deliver on its promise to provide the best technology and solutions, ensure the best customer service, and meet the growing demands of an increasingly digital market," he stated.
Shaikh Ahmed said: "In 2020, we were proud to have launched and expanded our 5G commercial services, offering incredible mobile experiences to our customers, accelerating new innovative business models and unlocking opportunities for many sectors."
"And in a year that saw online service channels and remote support take a center stage, we improved our smart branch self-service machines, enhanced our AI web chat robot zBot, and launched the Be Safe initiative to enable customers to utilize all Zain Bahrain's digital channels in a secure manner from the relative safety of their homes," he noted.
"As we enter a new year, Zain Bahrain will continue to strengthen its product portfolio and content ecosystem and play a key role in developing Bahrain into a leading technology and economic hub in the region in line with the Kingdom’s 2030 Vision," he added.-TradeArabia News Service
