The Clap
Mobile Telecommunication Company “Zain KSA” (7030) achieved “record revenues” last year.
Amounting to approximately 10 billion riyals, an increase of about 9% from 2022.
What
Zain attributed its highest-ever revenues to the high revenues of the business sector, 5G services, and digital services.
In addition to the growth in revenues of its subsidiary Tamam financing, alongside wholesale sales.
So What
The “large revenues” contributed to an increase in the company’s net profit during the previous year, to about 1.3 billion riyals, an increase of 131% year-on-year.
Its net profits also rose during the fourth quarter of 2023 by 18%, reaching about 296 million riyals.
Some Context
Zain mentioned its gains from the sale and leaseback deal of 8,069 towers during the last year.
Amounting to about 1 billion riyals, including 121 million riyals of net profit from selling its stake in Golden Lattice Investment Company (GLIC).
It also noted that it had repaid all its debts and financial obligations for 2023, amounting to 2 billion riyals.
Now What
The board of directors recommended distributing cash dividends to shareholders for the previous year, totaling 449.4 million riyals, equivalent to 0.5 riyals per share.
