Zain KSA Profits Grow by 234% to SAR 285 m 2023 in Q3
Zain Saudi Arabia has demonstrated a remarkable financial performance in the third quarter of 2023, marking a significant 234% increase in net profits, reaching 285 million SAR.
This growth has been attributed to several strategic moves and robust sectoral performance, particularly the sale and leaseback of telecom towers.
Quarter of Triumphs
The telecom giant’s revenue soared beyond 2.5 billion SAR, up 10% from the previous year. A notable factor in this growth is the deal involving 1400 towers, the financial impact expected to hit 1.1 billion SAR over 18 months.
Sectoral Growth Driving Profits
Zain KSA’s profit surge is not limited to asset deals. The enterprise sector has seen a spike in demand for advanced services such as cloud computing and artificial intelligence.
Furthermore, Zain KSA has broadened its consumer services, enhancing the digital service portfolio through Yaqoot and financial solutions via Tamam, its fintech subsidiary.
Strategic Investments, Partnerships
The company’s strategy involves a focus on innovation and customer experience.
A significant partnership with the Public Investment Fund and other stakeholders has propelled a strategic sale and leaseback of telecom towers.
This deal is set to foster corporate growth, improve customer experience, and boost revenues.
Sustainability, Corporate Governance
Zain KSA’s commitment to sustainability and corporate governance has been recognized with an “A” rating in the MSCI ESG Index, highlighting its integration of environmental, social, and corporate governance principles into its business model.
Financial Highlights, Outlook
In addition to Q3 achievements, Zain KSA reported a seven-fold increase in net profit in Q1 2023, attributing the growth to B2B, 5G, and fintech sectors.
Despite rising costs and finance charges, the company continues to invest in service quality and innovation.
Towards a Digital Future
Zain KSA is not just investing in infrastructure; it’s also driving digital transformation. With a strategic focus on the 5G network, cloud computing, and Industry 4.0 applications, the company is steering towards a knowledge-based economy aligned with Saudi Vision 2030.
In conclusion, Zain KSA’s financial leap in Q3 2023 is a testament to its strategic direction, investment in digital transformation, and commitment to sustainability.
As the company continues to innovate and expand its services, it stands as a pillar of technological advancement in the region.
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