Zain Bahrain net profit up by 3% for the second quarter 2022
Zain Bahrain, a leading telecommunications provider in the Kingdom, announced its financial results for the second quarter (Q2 2022) ending 30 June 2022. The company reported a net profit of BD1.278 million in Q2 2022, reflecting a 3% increase year-on-year from a net profit of BD1.245 million for the same period in 2021. Earnings per share for the quarter remained at 3 fils. Revenues for Q2 2022 amounted to BD16.386 million, up by 1% from BD16.220 million in Q2 2021. Operating profit for Q2 2022 amounted to BD1.469 million, a slight decrease by 1% from BD1.490 million in Q2 2021.
For the six months ending June 30, 2022 year-to-date (YTD), Zain Bahrain reported net profit of BD2.852 million, representing a 3% increase Y-o-Y from BD2.773 million for the same period in 2021. Earnings per share remained at 8fils for the six months in 2022 compared to the same period recorded in 2021. Zain Bahrain generated revenues of BD33.586 million during the first six months of 2022, an increase of 3% Y-o-Y as compared to BD32.728 million for the same period in 2021. Operating profit for the six-month period in 2022 stood at BD3.219 million compared to BD3.221 million for the same period recorded in 2021.
At the balance sheet level, Zain Bahrain's total equity as of 30 June 2022 amounted to BD80.313 million, up by 2% from BD78.872 for the year ending 31 December 2021. The value of the company's assets at the end of Q2 2022 stood at BD129.399 million, down by 1% from BD131.076 million as of 31 December 2021.
The company's strong performance during the first half and second quarter of 2022 is driven by Zain Bahrain's value-oriented business strategy. Zain Bahrain continues to expand its network footprint and upgrade its network to better serve its customers with resilient and future-proof technology. This has also been recognized by TRA Quality of Mobile Services Report 2021 where Zain achieved the best results nationwide for mobile network speeds for social media.
Zain Bahrain Chairman, H.E Shaikh Ahmed bin Ali Al Khalifa said, "This quarter, we have strengthened Zain Bahrain's leading position in the Kingdom telecom market through our data growth, investments in 5G network infrastructure and our superior customer experience. Zain Bahrain is focused on the needs of its customers and is maintaining its digital leadership in the market. Our technology leadership is built on the ongoing investment in network infrastructure, and through the development and roll out of innovative solutions."
"Zain Bahrain has also recently completed an innovative streetlight solution in Bahrain Bay to boost 5G, making it the first telco in the Kingdom to achieve this milestone. The new solution blends seamlessly with the city infrastructure, complementing our commitment to implementing sustainability along our entire value chain. We have also strengthened our presence in Esports by collaborating with Bahrain Esports Federation and PLAYHERA to develop the online gaming ecosystem in the Kingdom and accelerating Esports across the region."
Zain Bahrain Chairman concluded, "We are in a strong position to continue successfully implementing our cutting-edge digitization strategy and progress in key growth areas including 5G broadband services, innovative solutions, and initiatives to exceed the expectations of our customers. Zain Bahrain also continues to explore new opportunities to further contribute to the success of the telecom industry in 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 key achievements Q2 2022
Network
First operator in the Kingdom to complete the deployment of 5G streetlight solution in Bahrain Bay
Collaborated with LSS Technologies to deploy the innovative streetlight solution, which turns existing streetlights into Zain 5G sites to improve 4G and 5G coverage and speed, providing Bahrain Bay residents with quality connectivity.
Extends Data Roaming coverage service to the Bahamas
Extended roaming coverage services to the Bahamas. Zain Bahrain global roaming covers 101 countries through 173 roaming partners, allowing customers to stay connected at affordable prices.
Expanded Network to cover new housing areas
Zain Bahrain continued expanding the network to cover Buhair housing area, allowing residents to enjoy the best 5G and 4G mobile experience. Zain Bahrain has enhanced its 4G and 5G network across many newly developed areas including East Hidd, Lawzi, Salman City, and Ramli housing as part of a broader expansion plan covering several areas in the Kingdom.
Zain Bahrain the Fastest Mobile Network for Social Media Applications in the Kingdom
The company has achieved the best results nationwide for mobile network speeds for social media in Bahrain, with an overall lower latency in the average time to publish on Twitter, Instagram and WhatsApp; and to stream content on YouTube according to TRA Quality of Mobile Services Report 2021. The testing data was collected between 8th Nov 2021 to 6th Jan 2022.
Sustainability & Inclusion (Zaina Fel Ain)
Organized "Ghabga in the Dark" for its employees as part of a WE ABLE initiative
This event raised awareness about blindness and vision impairment as Zain Bahrain employees participated in a first-of-its-kind initiative where participants had to go through an entire dinner experience blindfolded. Zain Bahrain's WE ABLE disability inclusivity initiative encourages an inclusive and diverse work environment where everyone is welcome and treated equally.
Collaborated with Netaj Khair Al Bahrain to sponsor 1000 iftar meals for people in need
In the spirit of giving back to the community, this collaboration offered the opportunity for Zain Bahrain employees to distribute meals to the less fortunate in the spirit of giving back to the community and actively participating in volunteering activities of different kinds.
Celebrated World Environment Day with ongoing Z-Waste initiative
Zain Bahrain continued its commitment to environmental responsibility by celebrating World Environment Day through its ongoing Z-waste initiative, which raises awareness and protects the planet by collecting e-waste. The telco organized a call-of-action to collect electronic waste in its headquarters, placing a box for employees to dispose of discarded electronic devices and equipment.
Esports
Entered a three-year partnership with Bahrain Schools and Collegiate Athletics Association (BSCAA)
Zain Bahrain partnered with Bahrain Schools and Collegiate Athletics Association to grow Esports in Bahrain by hosting events for students and organizing tournaments and championships. This partnership will empower youth and enrich Bahrain's Esports talent pool.
Announced the first officially ranked Esports Summer Championship in the Kingdom in collaboration with Bahrain Esports Federation and PLAYHERA
Signed a memorandum of understanding (MoU) with Bahrain Esports Federation and teamed up with PLAYHERA to jointly leverage their strengths to grow the gaming and Esports ecosystem in the Kingdom. Zain Bahrain is preparing to organize and launch the first officially ranked Esports Summer Championship in the Kingdom.
Employees' Career and Professional Growth
Hosted "Your Brave Voice," a women's development program
As part of Zain Bahrain's diversity and inclusion (D&I) activities, the telco hosted the "Your Brave Voice" program targeting future female leaders and providing them with the necessary leadership skills.
