ZAIN REPORTS PROFIT OF BD1.024M IN Q1

Zain Bahrain (ZAINBH) yesterday reported a 23 per cent increase in mobile broadband service customers during the first quarter of 2015, backed by the company’s continuing investment in nationwide 4G LTE network.

The company also said it witnessed customer growth of 1pc in Q1 in comparison to Q1 2014 to serve 785,000 active customers as of 31 March, 2015.

Despite the increase, Zain’s net income for the first quarter of 2015 ending 31 March 2015 dropped 5.1 per cent as revenues recorded a decline of 4.16pc from the year ago quarter.

In the first quarter, Net profit was BD1.024 million (US$2.716m), down 5.1pc YoY from net profit of BD1.080m (US$2.864m) recorded a year ago.

Revenues reached BD17.633m (US$46.769m), down 4.16pc from 2014 where revenues were at BD18.398m (US$ 48.798m).

EBTIDA during the same period recorded a 39.42pc margin reaching BD6.951m (US$ 18.389m).

Commenting on the company’s financial results, Zain Bahrain Chairman, Sheikh Ahmed Bin Ali Abdulla Al Khalifa said: “This is an encouraging set of results and we are pleased that our USD100 million investment in building a new 4G LTE nationwide network continues to deliver positive financial and operational results. The company’s management is working tirelessly to improve Zain Bahrain’s network capabilities while focusing on enhancing customer service experience.”

“As we reflect on our successes, we look forward to leveraging our assets in order to provide innovative and advanced services for our customers and further position the Kingdom on the global telecommunications map,” he added.