Zain Bahrain (BSE: ZAINBH), a telecommunications industry leader in the Kingdom, announced its financial results for the second quarter (Q2 2024) and the first half of 2024.
The operator reported a net profit of BD 1.35 million for the three months ended 30 June 2024, marking a 2.6% increase from BD 1.32 million in Q2 2023. Basic and diluted earnings per share remained stable at 4 fils. EBITDA for Q2 2024 rose by 11.9% to BD 6.09 million from BD 5.44 million in Q2 2023. Revenue for Q2 2024 remained stable at BD 18.93 million compared to Q2 2023.
For the first half of 2024, EBITDA increased by 7.6% to BD 11.79 million from BD 10.96 million in H1 2023. Revenue for the first six months of 2024 reached BD 38.44 million, a 3.5% increase compared to BD 37.12 million for the same period in 2023.
His Excellency Shaikh Ahmed, Zain Bahrain Chairman, stated, “I am proud to share that Zain Bahrain has emerged as a leader in 5G innovation, with speeds exceeding 6 Gbps in its latest trial conducted in partnership with Ericsson. This achievement is a testament to Zain’s relentless pursuit of excellence and dedication to pushing the boundaries of technological advancement.”
For the six months ended 30 June 2024, Zain Bahrain reported a net profit of BD 2.42 million, representing an 11.9% decrease from BD 2.75 million in H1 2023. Basic and diluted earnings per share for H1 2024 were 7 fils compared to 8 fils in H1 2023. EBITDA for H1 2024 increased by 7.6% to BD 11.79 million from BD 10.96 million for the same period in 2023. Revenue for H1 2024 reached BD 38.44 million, a 3.5% increase compared to BD 37.12 million for the same period in 2023.
Zain Bahrain’s balance sheet remains strong, with total equity of BD 84.73 million as of 30 June 2024, compared to BD 85.66 million as of 31 December 2023, a slight decrease of 1.1%. The company’s assets as of 30 June 2024 stood at BD 133.82 million, down from BD 137.63 million as of 31 December 2023, a decrease of 2.8%.
Commenting on the results, Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said, “I am pleased to announce that during this quarter, Zain Bahrain has significantly expanded its business solution offerings, embraced innovative solutions, and launched a range of consumer and enterprise services. The telco continued to successfully forge new partnerships with esteemed organizations to expand its reach and create new opportunities for mutual growth and success across the Kingdom.”
The Chairman continued, “Furthermore, I am proud to share that Zain Bahrain has emerged as a leader in 5G innovation, with speeds exceeding 6 Gbps in its latest trial conducted in partnership with Ericsson. This achievement is a testament to Zain’s relentless pursuit of excellence and dedication to pushing technological boundaries. We have also won four awards at GHEDEX 2024 for Human Capital Development, Hybrid Working Strategy, Workplace Culture and Employee Wellness, and Leadership Development Program. These accolades highlight Zain’s dedication to workforce development and innovative talent management, resulting in an impressive 93% Bahrainization in the Zain workforce.”
As we move forward, I am confident that Zain Bahrain will continue to thrive and excel in the ever-evolving landscape of telecom and fintech, unlocking economic opportunities, improving financial well-being, and driving sustainable future growth.
