Zain pushes revenue to $1.4 billion in second quarter

Bader Al-Kharafi.jpg

Kuwait-based Zain has increased its second-quarter profit by 22%, with revenue up 14% year-on-year.

The company said its revenue in the quarter was 50 million Kuwaiti dinars (US$165 million), and in the first half it was 829 million dinars ($2.7 billion), a 10% rise on the previous year.

Group CEO Bader Al-Kharafi (pictured) said: “Our solid balance sheet and financial solvency is a result of the company’s success in the execution of its ‘4Sight’ corporate strategy, which is driving growth, digital transformation, and optimal efficiencies across all operations.”

Zain, which operates in seven markets across the Middle East and Africa, had 51.7 million customers at the end of the period, 30 June, a 7.1% increase year-on-year.

Chairman Ahmed Al Tahous said: “[The] board focused on driving sustainable shareholder value through strong ESG [environmental, social and governance practices] diligent investments in network and new lucrative business verticals.”