Zain Bahrain 2023 profit grows 2% to BD 5.8 million

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Zain Bahrain, (ZAINBH), a leading telecommunications provider in the Kingdom, announced its financial results for the fourth quarter (Q4 2023) and full year ended 31 December 2023.

For Q4 2023, Zain Bahrain reported a total profit for the year attributable to the shareholders of BD 1.45 million representing a 13% increase compared to BD 1.28m for the same period in the previous year.

Basic and Diluted earnings per share remained at 4 fils. Revenue, meanwhile, increased to BD 18.45m, representing a growth of 9.8% compared to BD 16.81m for the same period in the previous year. EBITDA reached BD 5.76m, up by 9.3% from BD 5.27m in Q4 2022. 

The company reported a 2% increase in total profit for the year attributable to the shareholders amounting to BD 5.81m for the year ended 31 December 2023, compared to BD 5.71m in the previous year. Basic and Diluted earnings per share stood at 16 fils for the year ended 31 December 2023.

Revenue generated in 2023 accumulated to BD 72.32m, a 7.4% jump from BD 67.36m in 2022.

EBITDA increased to BD 22.45m for the year ended 31 December 2023, from BD 21.97m in the previous year. Zain Bahrain’s total equity as of 31 December 2023 accumulated to BD 85.66m, up by 3% from BD 83.18m at the end of 2022.

The Company’s asset base stood at BD 137.63m, a 1.4% decrease from BD 139.63m in 2022.

Zain Bahrain’s Board of Directors recommended annual dividends representing 9% of the company’s paid-up capital, equivalent to 9 fils per share, which totals a dividend amount of BD 3.28m, reflecting a 56% payout ratio, subject to the Annual General Meeting approval.

Zain Bahrain Chairman, Shaikh Ahmed bin Ali Al Khalifa, said, “Zain Bahrain has consistently strived to provide exceptional digital lifestyle communication services to its customers, and these financial results reflect the company’s dedication and commitment.

During the fourth quarter and throughout 2023, Zain Bahrain has made solid progress in numerous areas, showcasing its commitment to innovation and growth.

“We are also proud to announce that our commitment towards Bahranization has maintained an impressive level of 95%.

“We are also delighted to report that our efforts towards gender diversity have resulted in 48% of new hires being females, and we have increased the presence of females in management positions,” added Shaikh Ahmed.

 Zain Bahrain Chairman concluded, “As we look ahead, we remain focused on delivering exceptional services, investing in cutting-edge technologies, and contributing to the development of the Kingdom.”