Zain Bahrain Annual net profit rises 2.6% to reach BD5.71 million
Zain Bahrain, trading symbol (ZAINBH), a leading telecommunications provider in the Kingdom, announced its financial results for the fourth quarter (Q4 2022) and full year ended 31 December 2022.
For Q4 2022, Zain Bahrain reported a net profit of BD1.28 million representing an 8% increase compared to BD1.19 million for the same period in the previous year. Earnings per share for Q4 2022 jumped to 4 fils compared to 3 fils in Q4 2021. Revenue, meanwhile, stood at BD16.81 million, representing a 0.2% increase compared to BD16.77 million for the same period in the previous year. Operating profit for Q4 2022 reached BD1.43 million, up by 2% from BD1.40 million in Q4 2021.
The company reported a 2.6% increase in net profits to BD5.71 million for the year ended 31 December 2022, compared to BD5.57 million in the previous year. Earnings per share stood at 16 fils for the year ended 31 December 2022, a 2.6% increase from 15 fils compared to the previous year. Revenue generated in 2022 amounted to BD67.36 million, a 4% jump from BD64.78 million in 2021. Operating profits remained stable at BD6.45 million.
Zain Bahrain's total equity as of 31 December 2022 amounted to BD83.18 million, up by 5.5% from BD78.87 million at the end of 2021. The Company's asset base stood at BD139.63 million, a 6.5% increase from BD131.08 million in 2021. Zain Bahrain's Board of Directors recommend annual dividends representing 9% of the company's paid-up capital, equivalent to 9 fils per share, subject to the Annual General Meeting approval.
Zain Bahrain Chairman, H.E Shaikh Ahmed bin Ali Al Khalifa said, "Zain Bahrain's fourth quarter and end of the year results reflect progress toward the company's overall strategic growth vision. 2022 has been an exciting year for the business, with Zain Bahrain having executed several initiatives to enhance its network, accelerating business innovation and digital transformation. The positive impact of these initiatives has positioned the company to capitalize on new opportunities expected to drive profitability in 2023."
"Our operational progress in the 4th quarter saw Zain Bahrain become the first operator in the Kingdom to successfully launch the trial of advanced 5G mmWave technology, delivering an improved user experience through mobile broadband hotspots and home broadband. Furthermore, our partnership with ZainTech, the one-stop digital and ICT solutions powerhouse of Zain Group, offering managed solutions, including cloud, cybersecurity, AI, big data, smart cities, and drone services, will support Vision 2030, accelerating the digital transformation of enterprises and government entities in Bahrain."
Zain Bahrain Chairman concluded, "Zain Bahrain will continue to seek innovative solutions in implementing its vision to transform the way organizations and investors connect, communicate, and engage. We remain extremely confident in the ability of our comprehensive strategy to achieve superior growth, drive digital transformation, and create next-generation solutions across the Kingdom."
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 Q4 2022
Network
The 1st operator in the Kingdom to successfully complete the trial of advanced 5G mmWave technology.
Successfully launched a 5G mmWave trial as part of the Telecommunications Regulatory Authority's Regulatory Sandbox initiative, which provides faster speeds and very low latency, unlocking new functionalities for consumers and businesses and facilitating exciting new use cases, such as gaming and industrial applications. The commercialized 5G mmWave will deliver an improved user experience through mobile broadband hotspots and home broadband, enabling users to benefit from faster upload and download speeds and enabling superfast industry applications.
Zain Bahrain Basketball Arena is the First Arena to Offer 5G Service in the Kingdom
Officially launched a 5G network in Zain Bahrain Basketball Arena in Manama, making it the first arena in the Kingdom to offer such a high-speed complimentary network service for all visitors.
Sustainability & Inclusion (Zaina Fel Ain)
Announces the third edition of Z-Waste competition
Zain Bahrain has launched its third edition of Z-waste as part of its environmental protection and sustainability advocacy (Zaina Fel Ain). Calling all schools in Bahrain to participate in the most extensive electrical waste collection competition in the Kingdom, in collaboration with the Supreme Council for Environment and the Ministry of Education.
Partnerships & Sponsorships
Comic-Con 2022 Bahrain
The official telecom and esports sponsor of "Comic-Con 2022," which was held on the 28th and 29th of October at Bahrain International Circuit. The telco provided internet access through Zain WiFi for the event attendees and the gaming area. It also offered prizes for the winners of the esports competitions for the PUBG tournament held at the event, which is an official tournament approved by Tencent Games.
Zain signed a strategic partnership agreement with The Labour Fund (Tamkeen)
Signed an agreement with Tamkeen to employ and train Bahrainis in the high-potential ICT sector through Zain's "CODE 2030" program. This initiative aligns with Tamkeen's mandate of making Bahrainis the employees of choice in the private sector by supporting training and employment opportunities that can enhance their competitiveness locally and internationally.
Signed an agreement with BIBF to Provide an Enhanced Mobile Experience
Signed an agreement with the Bahrain Institute of Banking and Finance (BIBF) to expand and deepen its network solutions reach. It will offer BIBF, connectivity services, and advanced mobile services, which shall directly improve the experience of all users in the BIBF.
ZainTech
Partnered with ZainTech to accelerate the digital transformation of enterprises and government entities in Bahrain.
Announces its partnership with ZainTech, the one-stop digital and ICT solutions powerhouse of Zain Group, aiming to accelerate the digital transformation of enterprises and government entities in the Kingdom. ZainTech unified Zain Group's ICT assets to offer a unique value proposition of comprehensive digital solutions and services under one roof.
