Bahrain Announces its Financial Results for the First Nine Months Ending September 2022 including Q3
Zain Bahrain, a leading telecommunications provider in the Kingdom, announced its financial results for the first nine months ending 30 September 2022 including the third quarter (Q3 2022). For the three months, the company reported a net profit of BD1.580 million in Q3 2022, reflecting a 2% decrease year-on-year (Y-o-Y) from a net profit of BD1.613 million for the same period in 2021. Earnings per share for Q3 2022 remained at 4 fils per share similar over the same period in 2021. Revenues for Q3 2022 amounted to BD16.966 million, a 11% increase as compared to BD15.292 million in Q3 2021. Operating profit in Q3 2022 saw a slight decrease of 1% to BD1.797 as compared to BD1.824 million recorded in Q3 2021.
For the nine-month period ending September 30, 2022, Zain Bahrain reported net profit of BD4.432 million, representing an increase of 1% Y-o-Y from BD4.387 million for the same period in 2021. Earnings per share remained steady at 12 fils for the nine months in 2022 as compared to 2021 for the same period. Zain Bahrain generated revenues of BD50.552 million during the first nine months of 2022, an increase of 5% Y-o-Y as compared to BD48.020 million for the same period in 2021. Operating profit for the nine-month period in 2022 reached BD5.016 million, a 1% decrease on the BD5.047 million recorded in 2021.
At a balance sheet level, Zain Bahrain's total equity as of 30 September 2022 grew to BD81.893 million, up by 4% from BD78.872 million for the year ending 31 December 2021. The value of the company's assets at the end of Q3 2022 stood at BD129.449 million, a decrease of 1% from BD131.076 million as of 31 December 2021.
Zain Bahrain Chairman, H.E Shaikh Ahmed bin Ali Al Khalifa said, "This robust performance again proves that our long-term business strategy remains effective as we continue enhancing our network and executing strongly against the market challenges and competition. We are committed to continuing this growth momentum to enhance our customers' digital lifestyle aligning with Zain Bahrain's mission to deliver cutting-edge digital experience and playing our vital role in the Kingdom's smart vision 2030. We have also continued to invest in the Bahraini workforce and provide growth opportunities for the youth at Zain Bahrain. We have maintained a Bahrainization level of 93.3% including 172 talented youth employees, which contributes to developing their career skills and increasing their competitive capabilities in the local and international market."
"During the quarter, we completed several major initiatives in an expedited manner. We continued our commitment to sustainability by upgrading our network stations to the latest generation Massive MIMO radios, which has been proven to save up to 15% of site-level power consumption, contributing to achieving a more sustainable business. Zain was the first telco to deploy this solution in the Middle East and Africa. We entered an MoU with Primary Healthcare Centers and Bahrain Deaf Society to launch the first Sign Language Health Video Call Center for the Hearing Impaired in the Kingdom, demonstrating our inclusivity commitment to serving all segments of society and granting them access to all services easily and independently."
Zain Bahrain Chairman concluded, "Another first was the deployment of our Nationwide Narrowband-IOT (Internet of Things) network, creating an exciting ecosystem for customers and enterprises. Zain Bahrain will continue to provide innovative products and solutions, investing in advanced networks to provide the community we serve with timely and future-proof technology. With our strong commitment to digitalization and 5G, we are well positioned to introduce compelling new technologies, creating value for all."
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 key achievements Q3 2022
Network
Achieves 15% Energy Conservation with New 5G Solution
Upgraded its network stations to the latest generation Massive MIMO radios, which have been developed with the goals of having industry-leading energy efficiency and the smallest size and weight possible while also improving the 5G network performance. The new solution has been proven to save up to 15% of site-level power consumption which contributes to achieving a more sustainable business.
Deploys the most Innovative Technology Narrowband-IOT (Internet of Things) network to Support Internet of Things in the Kingdom
Officially the first operator in the Kingdom to deploy nationwide the most innovative Narrowband-IOT (Internet of Things) network technology based on narrowband radio standard that aims to support Bahrain in achieving its National Telecommunication Plan (NTP)-5 machine-to-machine (M2M) aspirations. By implementing this technology, enterprises and consumers can gain broader wireless coverage, more simultaneous connections, longer battery life, and cost-effective solutions for IoT adoption.
Sustainability & Inclusion (Zaina Fel Ain)
Launches 'Girls for Tech 3.0'
Zain Bahrain launched the third edition of 'Girls for Tech' in collaboration with the Supreme Council of Women and Clever Play. This initiative aimed to create more significant opportunities for girls aged 8-14 to receive the essential training needed to pursue STEM professionally as a career.
Signs an MOU with Bahrain Mobility International Center
Signed a Memorandum of Understanding (MOU) with Bahrain Mobility International Center to exchange knowledge and strengthen the partnership towards the growth of an inclusive community. The initiative is part of Zain's commitment to sustainability and inclusion in the local community.
Announces the first sign language health video call center
Officially announced its first-of-its-kind national health service initiative in the Kingdom, a sign language video call center in partnership with the Bahraini Deaf Society and Primary Health Care Centers to provide the hearing impaired with effective communication between their doctors on all their healthcare needs. The initiative reflects Zain's Bahrain diversity and inclusion commitment to serve all segments of society and grant them access to all services with ease and independence.
Partnerships & Sponsorships
Zain Bahrain is the telecom sponsor of Youth City 2030
The official telecom sponsor of Youth City 2030 provided attendees and participants Wi-Fi access. In addition, Zain Bahrain employees also held an introductory session on Zain Bahrain Youth Empowerment Program to educate the youth participants on what the program offers.
Esports
Announces the first-ranked Esports summer tournament in the Kingdom
Announces the first-ranked Esports summer tournament in the Kingdom in partnership with Bahrain Esports Federation and PLAYHERA. The tournament supports the development of the Esports ecosystem in an authentic and meaningful way through professional to grassroots-level events and extend the visibility of local esports talents, which comes as part of Zain Bahrain's future roadmap to grow the gaming community in the Kingdom.
Employees' Career and Professional Growth
Launches its Own Toastmasters Club
In line with its continuous commitment to developing the employee's career and professional growth, Zain Bahrain launched a Toastmasters Club, which aims to provide a mutually supportive and positive learning environment whereby members can develop their communication and leadership skills that foster confidence and personal growth.
Continues to invest and develop the Bahraini workforce including youth
Continued its commitment to invest in the Bahraini workforce in both management and entry-level positions in the company while also building the core skills youth need to reach their career goals. Zain has maintained a Bahrainization level of 93.3%, with a total of 172 talented Zain youth employees.
