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Zain Bahrain's revenue for 2022 surges 4pc to $178m

February 22, 2023

Zain Bahrain, a leading telecommunications provider in the kingdom, has announced that its total revenue for FY 2022 amounted to BD67.36 million $178 million), thus registering a 4% jump from BD64.78 million ($171 million) the previous year.

Announcing its financial results for the year ended December 31, 2022, Zain Bahrain said the company reported a 2.6% increase in net profits which rose to BD5.71 million compared to BD5.57 million in the previous year. Operating profits remained stable at BD6.45 million, it stated.

Earnings per share stood at 16 fils for the year ended 31 December 2022, a 2.6% increase from 15 fils compared to the previous year.

Zain Bahrain’s total equity as of December 31, 2022 hit BD83.18 million, surging by 5.5% from BD78.87 million at the end of 2021. The company’s asset base stood at BD139.63 million, a 6.5% increase from BD131.08 million in 2021.

On its fourth quarter (Q4 2022) results, Zain Bahrain said its net profit hit BD1.28 million representing an 8% increase compared to BD1.19 million for the same period in the previous year. Earnings per share for Q4 2022 jumped to 4 fils compared to 3 fils in Q4 2021.

Revenue, meanwhile, stood at BD16.81 million, representing a 0.2% increase compared to BD16.77 million for the same period in the previous year, while the operating profit for Q4 2022 reached BD1.43 million, up by 2% from BD1.40 million in Q4 2021.

Impressed with the results, Zain Bahrain’s Board of Directors has recommended annual dividends representing 9% of the company’s paid-up capital, equivalent to 9 fils per share, and is subject to the Annual General Meeting approval.

On the group's performance, Chairman Shaikh Ahmed bin Ali Al Khalifa said 'Our fourth quarter and end of the year results reflect progress toward the company's overall strategic growth vision. 2022 has been an exciting year for the business, with Zain Bahrain having executed several initiatives to enhance its network, accelerating business innovation and digital transformation.'

'The positive impact of these initiatives has positioned the company to capitalize on new opportunities expected to drive profitability in 2023,' he noted.

'Our operational progress in the 4th quarter saw Zain Bahrain become the first operator in the Kingdom to successfully launch the trial of advanced 5G mmWave technology, delivering an improved user experience through mobile broadband hotspots and home broadband,' remarked Shaikh Ahmed.

'Furthermore, our partnership with ZainTech, the one-stop digital and ICT solutions powerhouse of Zain Group, offering managed solutions, including cloud, cybersecurity, AI, big data, smart cities, and drone services, will support Vision 2030, accelerating the digital transformation of enterprises and government entities in Bahrain,' he noted.

Shaikh Ahmed said Zain Bahrain would continue to seek innovative solutions in implementing its vision to transform the way organizations and investors connect, communicate, and engage.

'We remain extremely confident in the ability of our comprehensive strategy to achieve superior growth, drive digital transformation, and create next-generation solutions across the kingdom,' he added.