The Clap
The net profits of Mobile Telecommunication Company “Zain KSA” (7030) declined sharply in the first quarter of the current year, reaching 67 million riyals.
This is compared to 1.1 billion riyals during the same period in 2023.
Towers
The “significant decline” in profits is attributed to Zain’s completion of the tower infrastructure sale deal during the first three months of last year.
This means a reclassification of the financial statements for the first quarter of 2023, and the company returning to its normal course based on its operational activities.
So What
The first quarter witnessed an increase in Zain’s revenues by about 4.7%, reaching 113 million riyals on an annual basis.
This is the result of growth in revenues from the business sector, fifth-generation services, and wholesale sales.
In addition to the increase in revenues from its financial technology arm, “Tamam”.
Some Context
Zain’s total capital investments during the first quarter of the current year reached 52 million riyals.
This is due to the company’s desire to continue enhancing customer experience and service quality.
