Riyadh – Mubasher: Mobile Telecommunication Company Saudi Arabia (Zain KSA) witnessed a 221.03% year-on-year (YoY) jump in net profit after Zakat and tax to SAR 687 million during the first half (H1) of 2023 from SAR 214 million.
The earnings per share (EPS) went up to SAR 0.76 in H1-23, compared with SAR 0.24 in H1-22.
Zain KSA generated 9.81% higher revenue to SAR 4.81 billion during January-June 2023 from SAR 4.38 billion in the corresponding six months (6M) a year ago, according to the interim financial results.
Income Statement for Q2-23
In the second quarter (Q2) of 2023, the Saudi telecom company achieved net profits worth SAR 124 million, down by 7.46% from SAR 134 million.
The revenues, meanwhile, soared by 8.43% YoY to SAR 2.39 billion during April-June 2023 from SAR 2.20 billion.
On a quarterly basis, the net profits of Zain KSA in Q2-23 plunged by 77.97% from SAR 563 million in Q1-23. The company attributed the SAR 439 million quarter-on-quarter (QoQ) decline to SAR 532 million worth of net gain on sale and leaseback of 3,600 towers to Golden Lattice Investment Company (GLIC) which was recognised in Q1-23, excluding any related rise in Zakat, while there was no sites transfer in Q2-23.
Zain KSA further elaborated that the decrease in Q2-23 net profits compared to Q1-23 results was due to lower revenues, operating expenses, and finance costs.
The revenues in Q2-23 also decreased by 1.24% when compared to SAR 2.42 billion in Q1-23.
In January 2023, Zain KSA completed the sale of equities in its towers’ infrastructure to GLIC for a total amount of SAR 3.02 billion.
