Zain Bahrain Reports 2% Growth in 2023 Total Profit, Reaching BD 5.8 Million

Zain Bahrain, identified by the trading symbol (ZAINBH), a prominent telecommunications provider in the Kingdom, has revealed its financial outcomes for the fourth quarter (Q4 2023) and the full year concluding on December 31, 2023.

During Q4 2023, Zain Bahrain showcased a total profit for the year attributable to shareholders amounting to BD 1.45 million, signifying a 13% surge compared to the BD 1.28 million reported during the corresponding period the previous year. Basic and Diluted earnings per share retained their positions at 4 fils. Revenue witnessed an uptick to BD 18.45 million, reflecting a growth of 9.8% in contrast to BD 16.81 million recorded for the same period in the preceding year. Additionally, EBITDA reached BD 5.76 million, marking a 9.3% increase from BD 5.27 million in Q4 2022.

For the entire year ending on December 31, 2023, the company reported a 2% surge in total profit attributable to shareholders, totaling BD 5.81 million, in comparison to BD 5.71 million in the previous year. Basic and Diluted earnings per share stood at 16 fils for the year ending on December 31, 2023. The revenue generated in 2023 reached BD 72.32 million, marking a 7.4% rise from BD 67.36 million in 2022. EBITDA increased to BD 22.45 million for the year ending on December 31, 2023, compared to BD 21.97 million in the previous year.

As of December 31, 2023, Zain Bahrain’s total equity reached BD 85.66 million, registering a 3% increase from BD 83.18 million at the end of 2022. The company’s asset base stood at BD 137.63 million, indicating a 1.4% decrease from BD 139.63 million in 2022.

The Board of Directors of Zain Bahrain recommended annual dividends, representing 9% of the company’s paid-up capital, equivalent to 9 fils per share, totaling a dividend amount of BD 3.28 million, reflecting a 56% payout ratio. This recommendation is subject to approval at the Annual General Meeting.

H.E Shaikh Ahmed bin Ali Al Khalifa, Chairman of Zain Bahrain, expressed, “Zain Bahrain’s financial results mirror the company’s commitment to providing outstanding digital lifestyle communication services. Throughout 2023, we achieved significant progress, particularly in enhancing our infrastructure and expanding our digital services.”

In terms of digital and network achievements, Zain Bahrain’s strategic move to sunset its 3G network resulted in improved 4G and 5G experiences, positioning the Kingdom among the top 10 countries globally on Ookla’s Speedtest Global Index™. The company also emphasized its commitment to Bahranization, maintaining an impressive 95% level and prioritizing youth empowerment initiatives, including the Girls for Tech program.

Looking ahead, Chairman Shaikh Ahmed bin Ali Al Khalifa affirmed the company’s focus on delivering exceptional services, investing in cutting-edge technologies, and contributing to the Kingdom’s development. With a solid foundation and clear vision, Zain Bahrain aims to continue driving positive outcomes and creating long-term value for stakeholders.

Source Link

Newsletter Updates

Enter your email address below and subscribe to our newsletter