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Zain Bahrain Q1 net profit up 3pc, revenue soars $56m

April 19, 2022
telecom

Zain Bahrain, a telecommunications industry innovator in the kingdom, has registered a 3% growth in its net profit for the first three months of the year, while its revenue for the period surged to BD17.2 million ($56.2 milion), up 4% from last year's figure of BD16.507 million ($54 million).

Announcing the results for the three months ended March 31, 2022, Zain Bahrain said the net profit rose from BD1.527 million to BD1.574 million for the first quarter. Its earnings per share for the quarter remained at 4 fils.

Its operating profit for Q1 showed a slight increase of 1% from BD1.731 million to BD1.749 million, it added.

At the balance sheet level, Zain Bahrain's total equity at the end of Q1 2022 stood at BD77.533 million, down 2% from BD78.870 million for the year ending December 31, 2021.

The company's assets for the three months hit BD128.288 million, down by 2% from BD131.077 million as of 31 December 2021.

Commenting on the results, Chairman Shaikh Ahmed bin Ali Al Khalifa said: 'We have begun this year on a high note, continuing the strong performance we experienced in 2021. Zain Bahrain is now in a strong position to achieve its full potential as an integrated full-service telecommunication operator and innovator.'

'The company has continued with its digital transformation strategy on all fronts, strengthened its innovative technology solutions, achieving steady growth of its operating results while improving efficiency and customer experience,' he stated.

He pointed out that Zain Bahrain was playing a significant role in supporting the kingdom's Vision 2030 goal towards a digital economy that includes expanding the network and investing in innovations to uplift the end-user experience and grow the digital infrastructure with the next-generation connectivity.

'We are the first telecom in the kingdom to deploy new technologies such as narrowband Internet of Things (NB-IoT) and Ericsson New Carrier Aggregation (NR-NR) to use on mid-band frequency to boost the user experience and enable high data rates, which comes as part of Zain Bahrain's ongoing commitment to enhance its 4G and 5G coverage,' remarked Shaikh Ahmed.

'We also, expanded our 5G commercial services nationwide, and promoted our Fiber Broadband, offering incredible mobile experiences to customers,” he added.

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