Zain Bahrain (BSE: ZAINBH), a telecommunications industry innovator in the Kingdom, announces its financial results for the third quarter (Q3 2021) ending September 30, 2021. For the three months, Zain reported a net profit of BD1.613 million in Q3 2021, reflecting a steady 4% increase year-on-year (Y-o-Y) from a net profit of BD1.549 million for the same period in 2020. Earnings per share for Q3 2021 remained at 4 fils per share similar over the same period in 2020. Revenues for Q3 2021 amounted to BD15.291 million, a 3% increase as compared to BD14.833 million in Q3 2020. Operating profit in Q3 2021 saw an increase of 5% to BD1.825 million, as compared to BD1.746 million recorded in Q3 2020.
The steady profit and revenue increase was a result of further network expansion, investment in pioneering and first-to-market technology, and consistent product and service innovation to meet user demand. During Q3, Zain Bahrain accelerated its product and service offerings to meet increasing digital market needs, and focused on providing a seamless user experience in new housing areas in the Kingdom.
For the nine-month period ending September 30, 2021 year-to-date (YTD), Zain Bahrain reported net profit of BD 4.387 million, representing an 18.36% increase Y-o-Y from BD3.706 million for the same period in 2020. Earnings per share grew to 12 fils for the nine months in 2021 as compared to 10 fils in 2020 for the same period. Zain Bahrain generated revenues of BD48.020 million during the first nine months of 2021, an increase of 3.82% Y-o-Y as compared to BD46.252 million for the same period in 2020. Operating profit for the nine-month period in 2021 reached BD5.047 million, a 14.60% increase on the BD4.404 million recorded in 2020.
At a balance sheet level, Zain Bahrain's total equity as of 30 September 2021 grew to BD77.686 million, up by 5.29% from BD73.783 million for the same period in 2020. The value of the company's assets at the end of Q3 2021 stood at BD127.675 million, a slight increase of 4% from BD122.780 million as of 30 September 2020.
Commenting on the Q3 results, Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said, "Following Zain Bahrain's record profit increase in the second quarter of this year, we have continued to see steady growth into the third quarter of 2021. Earlier this quarter, we outlined our plans for continued investment in our 4G and 5G network expansions, showing our unwavering commitment to driving further digitalisation in Bahrain, and enhancing our customers' digital lives. We are strongly focused on expansion of 5G services to new areas across the country, investing in reliable and quality mobile coverage and setting new precedents for customer experience during this quarter, through expanding our relationship with Ericsson to deploy their Radio Access Network (RAN) solution in the Kingdom."
H.E. continued, "We remain passionate about addressing social challenges such as climate change by minimizing our environmental footprint, setting specific sustainable growth targets to reduce emissions, minimise waste, spread awareness, and mitigate the impact of climate-related risks. As part of these sustainability plans, we have invested in modernising our equipment rooms to outdoor-based enclosures that will reduce electricity consumption, space and operational complexity and decrease CO2 emissions."
H.E. Shaikh Ahmed concluded: "Moving into the final quarter of 2021, we are firmly focused on continuing our network expansion plans throughout the Kingdom, both at a commercial and individual level. We are dedicating significant resources to ensure a seamless customer experience and our team is committed to meeting the surge in digital demand with network efficiency, innovation and sustainability."
Zain Bahrain's full financial statements and financial results announcement press release are available on the Bahrain Bourse website, www.bahrainbourse.com.
Zain Bahrain's key achievements in Q3 2021 included:
Investments in Network and Customer Experience:
Community and Social Responsibility:
Hosted a Masterclass session on cybersecurity for Zain Bahrain employees.
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