Zain Bahrain Posts 3% Increase in Q1 2022 Net Profit
Zain Bahrain (BSE: ZAINBH), a telecommunications industry innovator in the Kingdom, announced its financial results for the first quarter (Q1 2022). The operator has reported a net profit of BD1.574 million for the three months ending 31 March 2022, representing a 3% increase from BD1.527 million for the same period in 2021. Earnings per share for the quarter remained at 4 fils.
Operating profit in Q1 2022 showed a slight increase of 1% from BD1.731 million to BD1.749 million. Revenues for the same period amounted to BD17.200 million, up by 4% from BD16.507 million in Q1 2021.
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 31 December 2021. The company's assets for the three months ending 31 March 2022 amounted to BD128.288 million, down by 2% from BD131.077 million as of 31 December 2021.
Commenting on the results, Zain Bahrain Chairman, His Excellency 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 Chairman continued, "Zain Bahrain plays a significant role in supporting the Kingdom's Vision 2030 toward 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. We also, expanded our 5G commercial services nationwide, and promoted our Fiber Broadband, offering incredible mobile experiences to customers."
"Zain Bahrain will continue pursing digital transformation at an accelerated pace which will enable us to continue delivering a superior customer experience.", concluded HE Chairman.
The complete financial statements and Zain Bahrain's financial results announcement press release are available on the Bahrain Bourse website, www.bahrainbourse.com.
Zain Bahrain's key achievements in Q1 2022 included:
Network:
First operator in the Kingdom to deploy Ericsson New Carrier Aggregation (NR-NR)
Implemented Ericsson's 5G TDD-TDD (Time Division Duplex) Carrier Aggregation on a commercial device to use on mid-band frequency to boost user experience and enable high data rates, which comes as part of Zain Bahrain's ongoing partnership with Ericsson to expand its 4G and 5G coverage as well as introduce 5G mid-band carrier aggregation. Ericsson Carrier Aggregation provides Zain Bahrain the capability of aggregating several frequency bands for higher data speeds and coverage extension.
Enhanced 5G Experience in East Hidd
Completed the permanent deployment of 5G network enhancements in East Hidd, making it Bahrain's first telecom to reach this milestone in the newly developed area. Residents of East Hidd can now enjoy reliable, fast, and uninterrupted internet access and mobile services.
Sustainability & Inclusion:
Trained employees on sign language as of its diversity and inclusion initiative
Organized a training course on sign language for Zain Bahrain employees as part of its diversity and inclusion (D&I) initiatives to instill a diverse, equitable, and inclusive culture in the workplace. The training program aimed to develop the employees' abilities and elevate the customer experience to be more inclusive and welcoming, thereby making the Zain brand more accessible.
Launched 'We Able' hotline for People with Disabilities (PwDs) to provide exclusive communication access
Launched the 'We Able' hotline', to cater to people with disabilities (PwDs) and their caretakers as part of its Disability Inclusion initiative. The hotline launch is aligned with Zain Bahrain's Sustainability & Inclusivity strategy. It aims to deliver an exceptional customer service experience by ensuring digital inclusion and access to all community members.
Collaborated with NIAD (National Initiatives of Agriculture Development) on their national initiative "Forever Green"
Continued its collaboration with NIAD on phase two of the project by planting 100 Trees on Abu Dhabi Avenue in the Kingdom. The initiative aims to fulfill the environmental targets in carbon offsetting and
to take part in a collective impact on Bahrain.
Collaborated with Abdul Rahman Kanoo School for collection and disposal of e-Waste
Collaborated with Abdul Rahman Kanoo School for the collection and disposal of e-Waste as part of its ongoing commitment to creating a clean and green Bahrain through its 'e-Waste Recycling Initiative.' The collaboration with the school is aimed at encouraging positive changes toward e-waste disposal by raising awareness and promoting the recycling of e-Waste
Collaborated with Unipal on a first of its kind partnership aimed at the youth
Zain Bahrain is the first telecom in the Kingdom to partner with Unipal to add value to their youth members beyond gigabytes & minutes. The partnership allows students to access 200+ exclusive offers from all around Bahrain, such as Cinepolis, iMachines, Wingman, Dose, etc.
