Zain Saudi Arabia’s Profits Jump to 1.27 Billion Riyals

Israa.M.Ibrahim March 3, 2024

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Zain Saudi Arabia's Profits Jump to 1.27 billion Riyals — Zain Logo.

The Saudi Mobile Telecommunications Company “Zain Saudi Arabia” profits jumped to 130.36% in 2023. The company explained today on Tadawul, that the net profit after zakat and tax amounted to about 1.27 billion riyals, compared to 550 million riyals in the previous year.

Regarding the results of the fourth quarter of 2023, Zain Saudi Arabia recorded an increase in its net profits. The increase is about 18%, with a net amounting to 296 million riyals, compared to 251 million riyals in the comparative period of last year.

Zain Profits

Zain explained that the increase in profits is due to achieving the highest revenues in the company’s history, amounting to 9.9 billion Saudi riyals. In addition, the increase is estimated at 8.9% over 2022 revenues amounting to 9.1 billion Saudi riyals.

This increase is due to the growth in revenues from the business sector, 5G services, and digital services. Furthermore, the company noted that the results of 2023 witnessed recording gains from the sale and leaseback of towers worth 1.21 billion riyals.

The financing cost also increased by 153 million Saudi riyals. This is due to the increase in the reference rate for the cost of financing in Saudi Riyals (SIBOR) and the reference rate for the cost of financing in US dollars (LIBOR).

Zain Saudi

Zain Saudi offers a comprehensive range of services, including mobile voice and data services, fixed-line services, and digital solutions for businesses. In addition, the company’s mobile network covers a large portion of the country. It also ensures that customers have access to reliable and high-speed connectivity wherever they are.

Zain Saudi is also known for its corporate social responsibility initiatives. Furthermore, the company supports various community projects and initiatives that aim to improve the lives of people in Saudi Arabia.