Zain KSA has released its financial report for the first quarter of 2024, showing promising growth and strategic developments. The company recorded a revenue of SAR 2.5 billion, marking a 4.7% increase from the same period last year. However, the net profit decreased to SAR 67 million compared to SAR 1.1 billion in the first quarter of 2023, mainly due to the one-time gains realized from the tower infrastructure sale and leaseback deal in 2023.
The financial statements for the first quarter of 2023 were reclassified, reflecting the company’s return to its standard earnings curve driven by its core business operations. Zain KSA reported a net profit before Zakat of SAR 79 million, a significant improvement from SAR 24 million in the first quarter of 2023, after excluding the gains from the towers deal.
Despite the profit adjustment, Zain KSA demonstrated stability in its operational performance, with growth observed across all segments, particularly in its 5G portfolio of services and solutions. The enterprise sector continued to show strong demand for 5G services, alongside notable growth in fintech operations through “Tamam.”
Eng. Sultan bin Abdulaziz Al-Deghaither, CEO of Zain KSA, expressed satisfaction with the company’s operational and organizational performance, emphasizing a strategic focus on innovation and investment. He highlighted the commitment to enhancing the 5G ecosystem, especially for enterprises, while ensuring operational and financial efficiency to create value for stakeholders and contribute to Saudi Vision 2030.
Al-Deghaither mentioned key initiatives undertaken by Zain KSA, including agreements to improve the operational efficiency of the 5G network and investments in cutting-edge technologies like AI. Strategic alliances have also been formed to nurture local talent and drive sustainable innovation in line with the nation’s digital transformation goals.
Zain KSA’s efforts in social responsibility have been recognized, with Forbes and Saudi CSR ranking it among the top 50 Saudi brands in this regard. Additionally, it was ranked as the 13th most valuable Saudi brand by Brand Finance, underscoring its strong position in the market.
