Zain Group, a leading mobile telecom innovator in eight markets across the Middle East and Africa, today appointed Mohannad Mohammed Al-Kharafi as the chairman of the group.

Bader Nasser Al-Kharafi was named vice-chairman and chief executive officer of Zain Group, and Scott Gegenheimer was appointed in a new role as chief executive officer of operations.

The annual Ordinary General Assembly of the group met today at the company’s headquarters in Shuwaikh, Kuwait, and appointed a new board of directors. The board members include: Mohannad Mohammad Al-Kharafi; Bader Nasser Al-Kharafi; Ahmed Tahous Al-Tahous (the representative of the Kuwait Investment Authority); the corporate entities: Fajer Al Nasim for selling and buying stocks represented by Houssam Fawzi Al-Kharafi; Nasim Al-Delta for selling and buying stocks represented by Khaled Ali Al-Ghanim; Abeer Al-Shorouq for selling and buying stocks represented by Talal Jassem Al-Kharafi; Jawharat Gibla for selling and buying stocks represented by Faisal Nizar Al-Nusif; and Dana Al Qebla for selling and buying stocks represented by Khaled Waleed Al-Falah.

The assembly approved the distribution of a cash dividend of 35 fils ($0.11) per share for the financial year ended  December 31, 2016.

During the general assembly, Zain Group reported an increase in net profit by 2 per cent year-on-year to reach KD157 million ($519 million), reflecting earnings per share of 40 fils ($0.13).  Total annual consolidated revenue for the year amounted to KD1.1 billion ($3.6 billion), while EBITDA grew 3 per cent to KD512 million ($1.7 billion). Zain Group’s customer base grew by 3 per cent during the year, reaching more than 47 million customers.

Outgoing chairman Asaad Ahmed Al Banwan explained that Zain’s financial results were affected by social unrest and security risks in several of the company’s markets, along with fluctuations in currency exchange rates and monetary policies that were imposed in some markets. - TradeArabia News Service