Zain Group, a leading telecom group in the region, said its Saudi unit has delivered solid results for FY 2024 with an all-time high revenue of SAR10.4 billion ($2.8 billion), compared to SAR9.9 billion ($2.6 billion) in 2023, reflecting a 5% growth.
Announcing the financial results for the 12-month period ended December 31, 2024, Zain Saudi said its net profit stood at SAR596 million for 2024 compared to SAR1.26 billion in 2023, which included one-off gain of SAR1.1 billion from sale of 8069 towers recognized during 2023.
Adjusting this one-off gain, normalized net-profit grew 354%. ebitda reached SAR3.3 billion ($886 million), a 12% growth YoY, it stated.
With the sustained upward financial and operational performance, Zain KSA’s Board of Directors recommended to distribute cash dividends of SAR 0.5 per share (5%) to shareholders for 2024, it added.
The financial results highlight Zain KSA’s operational strategy, focusing on providing the best user experience for individuals and businesses over a powerful 5G network – one of the most advanced in the region – positioning Zain KSA as the digital provider of choice in Saudi Arabia.
Consumer and enterprise revenue segments continued to grow during the year, with sustained demand for ‘Yaqoot’ all-digital service and attaining a high ROI in adjacent businesses, specifically fintech through ‘Tamam Finance.’
On the results, Zain Vice-Chairman and Group CEO & Zain Saudi Arabia Vice-Chairman, Bader Al Kharafi, said: "This impressive growth in Zain KSA’s constantly improving financial results for 2024 are attributed to the team’s focus on operational efficiency, digital innovation, new business verticals and expansion of 5G services."
"This is supported by the provision of a great customer mobile and data experience that is instrumental in growing its enterprise and individual customer base. Furthermore, the close cooperation and support of the resources of Zain Group is a vital element in Zain KSA’s forward trajectory.”
Al Kharafi said: "The operation is playing its key role as a major contributor to Saudi Arabia’s ICT sector; a position it has earned through vast investments in 5G network expansion and multiple initiatives aimed at further developing Saudi nationals."
"Zain KSA’s productive relationship with The Communications, Space & Technology Commission, emphasize the company’s dedication to supporting the targets of the Kingdom’s Vision 2030," he added.
-TradeArabia News Service