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Kuwait’s Zain profits jump 10% in the third quarter to $ 176 million

Kuwaiti Zain Group announced today Tuesday that its profits in the third quarter of 2022 were up 10% to 54 million dinars ($ 176 million), with earnings of 13 fils per share.

Zain stated in a statement that the quarterly financial results of the group’s operations experienced healthy growth in the third quarter and showed earnings growth before interest, tax and depreciation (EBITDA) of 2% to reach 171 million dinars (555 million dollars) ).

Consolidated quarterly revenues jumped 15% to approximately 441 million dinars ($ 1.4 billion).

Net profit for the nine-month period of the fiscal year in price rose to 152 million dinars (497 million dollars), with a growth rate of 12% compared to the same period of the previous year, and earnings per share were 35 fils.

Revenues grew 12% in the first nine months of the year to reach 1.3 billion dinars ($ 4.2 billion), compared to total revenues of 1.1 billion dinars ($ 3.8 billion) for the same time last year.

The group attributed the growth in financial indicators during this period to the strength of the operational efficiency of its networks and the momentum of its business operations, as its operations achieved strong growth in the markets of Kuwait, Saudi Arabia and Sudan. , with the diversity of offers and options offered in the digital services sector, in how much quest” the latter achieved strong revenue growth rates in the segment In particular, equal to 47%,

The group also attributed the growth in financial indicators over this period to the expansion of the project and business sector business B2B and at the spread reached by business of ZainTech in cloud services, managed services and cybersecurity.

The group clarified that the customer base has seen 7% growth, as commercial offer chains and marketing campaigns added 3.5 million customers to the customer base during this period, reaching approximately 52 million active customers and Data revenues increased 3% to reach approximately $ 1.66 billion, accounting for 40% of total consolidated revenue.

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