Zain Bahrain 2023 total profit grows 2% to reach BD 5.8 million
Zain Bahrain, trading symbol (ZAINBH), a leading telecommunications provider in the Kingdom, announced its financial results for the fourth quarter (Q4 2023) and full year ended 31 December 2023.
For Q4 2023, Zain Bahrain reported a total profit for the year attributable to the shareholders of BD 1.45 million representing a 13% increase compared to BD 1.28 million for the same period in the previous year. Basic and Diluted earnings per share remained at 4 fils. Revenue, meanwhile, increased to BD 18.45 million, representing a growth of 9.8% compared to BD 16.81 million for the same period in the previous year. EBITDA reached BD 5.76 million, up by 9.3% from BD 5.27 million in Q4 2022.
The company reported a 2% increase in total profit for the year attributable to the shareholders amounting to BD 5.81 million for the year ended 31 December 2023, compared to BD 5.71 million in the previous year. Basic and Diluted earnings per share stood at 16 fils for the year ended 31 December 2023. Revenue generated in 2023 accumulated to BD 72.32 million, a 7.4% jump from BD 67.36 million in 2022. EBITDA increased to BD 22.45 million for the year ended 31 December 2023, from BD 21.97 million in the previous year.
Zain Bahrain's total equity as of 31 December 2023 accumulated to BD 85.66 million, up by 3% from BD 83.18 million at the end of 2022. The Company's asset base stood at BD 137.63 million, a 1.4% decrease from BD 139.63 million in 2022.
Zain Bahrain's Board of Directors recommended annual dividends representing 9% of the company's paid-up capital, equivalent to 9 fils per share, which totals a dividend amount of BD 3.28m, reflecting a 56% payout ratio, subject to the Annual General Meeting approval.
Zain Bahrain Chairman, H.E Shaikh Ahmed bin Ali Al Khalifa, said, "Zain Bahrain has consistently strived to provide exceptional digital lifestyle communication services to its customers, and these financial results reflect the company's dedication and commitment. During the fourth quarter and throughout 2023, Zain Bahrain has made solid progress in numerous areas, showcasing its commitment to innovation and growth.
In terms of digital and Network achievements, Zain Bahrain has continuously made significant strides in enhancing its infrastructure and expanding its digital services. Its continuous investments in cutting-edge technologies have improved network performance and increased customer satisfaction. The telco has improved its 4G and 5G experience with superior network speeds and coverage by sunsetting its 3G Network. This makes it the first operator in the Middle East and North Africa to make this strategic move. It also marked a milestone for Zain Bahrain and helped position the Kingdom among the top 10 countries globally on Ookla's Speedtest Global Index™.
We are also proud to announce that our commitment towards Bahranization has maintained an impressive level of 95%. This achievement reflects our commitment to empowering local talent and contributing to the growth of the Bahraini economy. Moreover, Zain has prioritized its youth empowerment program by training over 5000 individuals through various programs. One such program is the Girls for Tech initiative, which aims to bridge the gender gap in the tech industry. We are also delighted to report that our efforts towards gender diversity have resulted in 48% of new hires being females, and we have increased the presence of females in management positions."
Zain Bahrain Chairman concluded, "As we look ahead, we remain focused on delivering exceptional services, investing in cutting-edge technologies, and contributing to the development of the Kingdom. With a solid foundation and a clear vision, we are confident that we can continue driving positive outcomes and creating long-term value for all stakeholders."
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 Q4 2023
Network
Zain Bahrain's faster speeds played a crucial role in lifting Bahrain's ranking into the top 10 countries worldwide on Ookla's Speedtest Global Index™
In a significant move towards technological advancement, Zain Bahrain strategically decided to sunset its 3G network last year. This move marked a milestone for Zain Bahrain and positioned the Kingdom among the top 10 countries globally in terms of improving Bahrain's ranking on Ookla's Speedtest Global Index™.
Sustainability & Inclusion (Zaina Fel Ain)
Celebrated International Day of Sign Languages with Bahrain Deaf Society
In efforts of extending its inclusive culture, the telco celebrated International Day of Sign Language with Bahrain Deaf Society, by hosting an event for Bahrain Deaf Society members and children.
Successfully Completed Diversity, Equity, and Inclusion (DEI) Training for CEO and Chiefs
Zain Bahrain CEO and chiefs completed Diversity, Equity, and Inclusion (DEI) training. The DEI training program enhanced awareness and understanding of diversity-related issues and principles and represents a significant step towards fostering a robust culture of belonging and advancing inclusivity within the organization, aligning with Zain's core values.
Zain E-sports
Launched Esports Development Platform for Bahraini Esports Teams and Talent
In partnership with Teal Flamingo and Tamkeen, Zain Bahrain launched an innovative Esports development hub dedicated to fostering the growth of Bahraini Esports teams and talent. This pioneering initiative aims to provide comprehensive training programs and state-of-the-art facilities to nurture a thriving esports industry in Bahrain and beyond.
Customer Service:
Launched Arabic eShop Version to Provide Convenience to its Customers
Zain Bahrain offers its customers the opportunity to purchase the latest smartphones and gadgets through its newly launched Arabic eShop. The new Arabic version of the online store is the first of its kind for a telco in the Kingdom; as part of the digital transformation for the telco and its commitment to providing convenience to customers and meeting their evolving needs.
Employees' Career and Professional Growth
Hosted Cybersecurity Panel Discussion Marking Cybersecurity Awareness Month
In efforts to mark Cybersecurity Awareness month, the telco hosted a cybersecurity panel discussion for cyber threats.
Enhanced Sales Force Skills with Training Program
Completed a Sales Force Training program led by the renowned entrepreneur and trainer Salah Abu Almagd. The comprehensive training initiative was designed to elevate the sales skills of the Consumer Marketing and Sales team, reinforcing their expertise in both soft and technical sales skills.
Awards:
Won the HRM 2023 Summit & Awards under the 'Best Wellness Program' Category.
The telco has won the' Best Wellness Program' Award of the 15th edition of the HRM Summit & Awards, organized by Roshcomm. Zain Bahrain has consistently recognized the importance of employee well-being through various initiatives and programs supporting physical and mental health.
