Zain Bahrain Q2 2023 Net Profit jumps 3.2 % to reach BD 1.32 million
Zain Bahrain (BSE: ZAINBH), a telecommunications industry innovator in the Kingdom, announced its financial results for the second quarter (Q2 2023).
Zain Bahrain added 127 thousand customers to serve a total of 1.14 million, a 12.5% Year on Year growth.
The operator reported a net profit of BD 1.32 million for the three months ended 30 June 2023, representing an increase of 3.2% Year on Year growth compared to BD 1.28 million in Q2 2022. Earnings per share remained stable at 4 fils. EBITDA for Q2 2023 increased by 1.7% reaching BD 5.44 million compared to BD 5.35 million in Q2 2022.
Revenue for Q2 2023 increased by 15.7% reaching BD 18.95 million compared to BD 16.39 million in Q2 2022. Data Revenue for Q2 2023 increased by 8.6% compared to Q2 2022.
For the six months ended 30 June 2023, Zain Bahrain reported net profit of BD 2.75 million, representing a 3.6% decrease from BD 2.85 million in the same period as in 2022. Earnings per share stood at 8 fils, the same as in 2022. EBITDA for the six months ended 30 June2023 remained relatively stable.
Revenue for the first six-months of 2023 reached BD 37.12 million, an increase of 10.5% compared to BD 33.59 million for the same period in 2022. Data Revenue for the first six months of 2023 increased by 7.0% compared to the same period in 2022.
With regards to Zain Bahrain's balance sheet, the total equity at the end of Q2 2023 is BD 82.64 million, compared to BD 83.17 million for the year ended 31 December 2022, a slight decrease of 0.6%. The operator's assets as of 30 June 2023 stood at BD 134.89 million, a decrease of 3.4%. 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, "Our second quarter results demonstrate the resilience and the success of Zain Bahrain as we continue the expansion of our network, including in seven new areas in Bahrain, allowing residents to enjoy the best 5G and 4G mobile experience. We have also made a great achievement this quarter, increasing our global roaming pass coverage by adding Brunei, making Zain the widest global data roaming pass coverage telco in the Kingdom. Another milestone is the launch of our new Arabic eShop version. It is the first for a telecom company in the Kingdom. This milestone is a significant step in our efforts to expand our digital presence, bring convenience to our diverse customers, and meet their latest evolving needs."
HE Chairman continued, "Moreover, we are pleased to report that our sustainable connectivity initiatives continue to impact our business and the communities we serve positively. We have reduced our carbon emissions with our new renewable power source solution, using hybrid electrical power solutions between generators, batteries, and solar panels at one of our commercial 5G sites. We have also recently deployed Ericsson's New 5G Hardware that is expected to save up to 18% more energy and weigh less than earlier generations of 5G radios, contributing to a better sustainable future. Our investments in renewable energy and green technologies have reduced our environmental impact and resulted in substantial cost savings, contributing to our sustainable business practices."
"Zain Bahrain remains committed to staying at the forefront of the telecommunications industry, delivering innovative solutions and exceptional services to its customers while upholding our responsibilities towards sustainability. We are confident that our continued efforts towards digital transformation will drive our growth and success in the years to come.", concluded HE Chairman.
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 Q2 2023:
Customer Experience:
Offers Customers a New Level of Convenience by Launching an Arabic eShop
Launched a new Arabic eShop version, it is the first of its kind for a telecom company in the Kingdom. The launch comes as part of the telco's digital transformation and Zain Bahrain's commitment to bringing convenience to customers and meeting their latest evolving needs.
Zain Bahrain has the widest global data roaming coverage in the Kingdom
Extended its Global Data Roaming passes coverage services to Brunei, making it the widest Global Data roaming pass coverage telco in the Kingdom, covering 109 destinations, allowing customers to stay connected with cost-effective data roaming pass plans.
Network:
The first operator in the Kingdom to successfully trial Enhanced Voice Services (EVS) – Super HD Voice quality
Partnered with Ericsson to complete Enhanced Voice Services (EVS) trials, enabling the highest quality mobile phone calls ever on the latest smartphones. The new service EVS will deliver a broader audio bandwidth, resulting in a richer and more true-to-life sound with noticeably reduced background noise.
The first operator in the Kingdom to implement a renewable power source at a commercial 5G site
Zain Bahrain has taken another step forward in its environmental sustainability journey in partnership with Rental Solutions & Services (RSS) to reduce carbon emissions with a new renewable power source solution at one of its commercial 5G sites. Following this initial success, the plan is now to expand the solution to more sites.
Zain and Ericsson Deliver a More Sustainable 5G Network with Regional First
The telco has deployed Ericsson's New 5G Hardware that is expected to save up to 18% more energy and weigh less than earlier generations of 5G radios, contributing to a better sustainable future. The new 5G hardware is the lightest and smallest Massive MIMO radio in the industry and is also the most energy-efficient radio of this type deployed in the region.
Expands its Network Across the Kingdom
Continued the expansion of its network, including in seven new areas in Bahrain, allowing residents to enjoy the best 5G and 4G mobile experience.
Sustainability & Inclusion (Zaina Fel Ain)
Celebrates the graduates of the "Girls for Tech" Program
Zain Bahrain has celebrated the graduation of its third edition of the "Girls for Tech" program in partnership with the Supreme Council for Women (SCW) and Clever Play. The program aims to empower Bahraini women in the digital field, build their capabilities in information and communication technology, and encourage them to seize emerging opportunities.
Announces the winners of Zain Bahrain's largest National Z-Waste School Competition in the Kingdom
Zain Bahrain organized a Z-Waste School competition closing ceremony in collaboration with the Supreme Council for Environment, Ministry of Education, and Crown Industries, awarding the school winners and all participants.
Creates a Sign Language Library by its Employees that will be Circulated Publicly through Zain Bahrain YouTube Channel and Website
Zain Bahrain celebrated Global Accessibility Awareness by stepping up its efforts with a series of WE ABLE initiatives to spread awareness and break down barriers in the telecommunications sector. In addition, it has recently created a Sign Language library that will be circulated publicly through Zain Bahrain YouTube channel and website to educate the public to learn Bahraini Sign Language.
Employees' Career and Professional Growth
Concludes Data Analytics Accelerator Program for the employees
Organized a five-day Data Analytics Accelerator Training Program in collaboration with General Assembly and sponsored by Tamkeen for Zain Bahrain employees. The program mainly focused on the latest technologies for data analysis in the telecommunication sector, including the best ways for Data Communication, Data Narratives, and Mapping in Tableau, along with a final project to implement the skills learned in the program.
