Zain Bahrain reports Q1 profit

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

Zain Bahrain, a telecommunications industry innovator in the Kingdom, announced its financial results for the first quarter (Q1 2024).

The operator has reported a net profit of BD 1.07 million for the three months ended 31 March 2024, representing a decrease of 25.3% from BD 1.43 m for the same period in 2023.

Earnings per share for the quarter is 0.03 fils compared to 0.04 fils in Q1 2023.

Revenue increased to BD 19.51 m representing a growth of 7.4% compared to BD 18.17 m in Q1 2023. EBITDA also increased by 3.4% to reach BD 5.70 m compared to BD 5.52 million in Q1 2023.

At the balance sheet level, Zain Bahrain's total equity at the end of Q1 2024 is at BD 83.39 m, a decrease of 2.6% from BD 85.66 m for the year ended 31 December 2023.

The company's asset base for the three months ended 31 March 2024 stood at BD 135.83 m a reduction of 1.3% from BD 137.63 m as of 31 December 2023.

The healthy revenue growth year on year was achieved through innovative Data, Business solutions, and value-added services offerings.

Consolidated net income was impacted by the start-up costs of Zain’s Fintech subsidiary and Increased Regulatory Charges.

Shaikh Ahmed bin Ali Al Khalifa, Zain Bahrain Chairman, said, "During the first quarter of 2024, Zain Bahrain has strengthened its position through its culture of innovation and commitment to utilizing the latest technology.

With the rapid advancements of these technologies and the launch of our financial services subsidiary, the telco has focused on addressing customers' critical digital needs by providing new cutting-edge solutions and services that enhance the overall user experience.

Zain Bahrain's dedication to pushing the boundaries of what is possible and exploring new ways of using technology, including fintech, has benefited businesses and empowered consumers to take control of their digital lives."