Zain Bahrain (BSE: ZAINBH), a telecommunications industry innovator in the Kingdom, announced its financial results for the first quarter (Q1 2023). The operator has reported a net profit of BD 1.43 million for the three months ending 31 March 2023, representing a reduction of 8.9% from BD 1.57 million for the same period in 2022. Earnings per share for the quarter remained at 4 fils.
Operating profit in Q1 2023 showed a decrease of 11% from BD 1.75 million to BD 1.56 million. Revenues for the same period are higher by 5.6% amounting to BD 18.17 million compared to BD 17.20 million in Q1 2022.
At the balance sheet level, Zain Bahrain's total equity at the end of Q1 2023 is at BD 81.33 million, reduced by 2.2% from BD 83.17 million for the year ending 31 December 2022. The company's assets for the three months ending 31 March 2023 are BD 136.56 million, reduced by 2.2% from BD 139.63 million as of 31 December 2022.
Commenting on the results, Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said, "In this first quarter, Zain Bahrain has once again delivered a solid performance with higher revenues, and the confirmation that the telco is on track to achieve its 2023 target. We continue to create value by concentrating on our fundamentals while improving efficiency and customer experience."
HE Chairman continued, "Zain Bahrain differentiates itself through its excellent network and customer relations. The company continued to invest in the quality of its customer experience by introducing another first in the market, a new omnichannel engagement platform. The new omnichannel engagement platform delivers exceptional customer service and an effortless experience that creates seamless, integrated, personalized engagements across every touchpoint throughout the customer service journey." "Zain Bahrain will continue pursuing digital transformation at an accelerated pace, enabling it to continue delivering a superior customer experience, invest in the latest technologies, and enhance its 4G and 5G network across many newly developed areas in the Kingdom. Today, we have a solid base from which to put our new strategic plan into action, working together and with determination", 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 2023 included: Customer Experience:
Launched an innovative 3D smart service in its eShop to support customers with the best online shopping experience when purchasing a device. This initiative is part of the company's commitment to providing accessible online tools that make customer choices easier a key part of Zain Bahrain's digital transformation journey.
Continued to elevate the customer service experience with its new omnichannel engagement platform through a collaboration with Genesys®. The service delivers exceptional customer service and an effortless experience that creates seamless, integrated, personalized engagements across every touchpoint, throughout the customer service journey.
Signed an agreement with Bahrain Chamber of Commerce and Industry (BCCI), to provide their staff and subleasing partners with state of the art mobile services at their premises. This partnership comes as part of Zain's commitment to expedite the digital transformation across the Kingdom, delivering the latest technology trends and solutions.
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