Zain Bahrain Q3 2023 Net Profit increases by 1.8% to reach BD 1.61 million
Zain Bahrain (BSE: ZAINBH), a telecommunications industry innovator in the Kingdom, announced its financial results for the third quarter (Q3 2023).
The operator reported a net profit of BD 1.61 million for the three months ended 30 September 2023, representing an increase of 1.8% from BD 1.58 million in Q3 2022. Earnings per share remained stable at 4 fils. EBITDA also remained steady at BD 5.72 million. Revenue for Q3 2023 decreased by 1.3% reaching BD 16.74 million compared to BD 16.97 million in Q3 2022.
For the nine months ended 30 September 2023, Zain Bahrain reported a net profit of BD 4.36 million, representing a 1.7% decrease from BD 4.43 million in the same period as in 2022. Earnings per share stood at 12 fils, the same as in 2022. EBITDA for the nine months ended 30 September 2023 remained relatively stable.
Revenue for the first nine-months of 2023 reached BD 53.87 million, an increase of 6.6% compared to BD 50.55 million for the same period in 2022.
Zain Bahrain's balance sheet remains strong with a total equity of BD 84.23 million at the end of Q3 2023, compared to BD 83.17 million for the year ended 31 December 2022, an increase of 1.3%. The operator's assets as of 30 September 2023 stood at BD 134.02 million, a decrease of 4% 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: "Zain Bahrain's performance during the first nine months of the year demonstrates its unwavering commitment and continued efforts to focus on key strategic priorities to enable a better digital future and drive innovation in the Kingdom. This quarter, we have maximized our efforts to grow our core and digital services by enriching consumers' value propositions with digital services catering to their new lifestyles and emerging demands. We have successfully sunset our 3G network across the Kingdom and used that spectrum to improve the reach and speed of 4G services, as well as Zain Bahrain's nationwide 5G network for more advanced services, higher speeds, and to enhance the overall connectivity experience for customers. The 3G shutdown makes Zain Bahrain the first telecom operator in the Middle East and North Africa to take such a strategic move."
Zain Bahrain Chairman continued: "Zain Bahrain is also proud to be ranked among the top 10 for highest Bahraini employment rate for the second quarter of 2023, maintaining an impressive Bahrainization level of 95%. Our strategy has been the growth engine behind Zain Bahrain's success and digital transformation. The efforts during the first nine months of 2023 will help us bring the digital world's full potential to our customers across all segments."
The financial information 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 Q3 2023:
Customer Experience:
The first operator in the MENA region to launch the advanced Samsung eSIM transfer feature
As part of Zain's efforts in providing a highly advanced customer experience, the newly launched advanced Samsung eSIM transfer feature allows users to convert their physical sim card to eSIM or switch their existing eSIM to another device through their Samsung devices without the need to visit Zain retail branches.
Network:
First in the Middle East and North Africa to Enhance Network Experience by Successfully Sunsetting its 3G Network
The telco has improved its 4G and 5G experience with superior network speeds and coverage by sunsetting its 3G Network in partnership with Ookla®, a global leader in broadband and mobile speed testing and web-based network diagnostic applications, leveraging their industry-leading solutions and services. This milestone transition is part of Zain Bahrain's more significant upgrades to its networks, using the latest technologies and by re-using the spectrum for more efficient 4G and 5G standards.
Sustainability & Inclusion (Zaina Fel Ain)
Supported UCO Parents Care Centre Through Organizing a Cyber Security Awareness Training Session
Zain Bahrain employees and interns visited UCO Parents Care Centre. The visit aimed to discuss cybersecurity and safe online practices with the Centre community and empower them with the knowledge and skills to navigate the online world safely.
Employees' Career and Professional Growth
Ranked among the top 10 highest Bahraini employment rate for Q2 2023
Zain Bahrain is the only telecom company listed in the top 10 highest contributors to the employment of Bahrainis as per the Ministry of Labor list of companies supporting National employment for Q2 2023.
