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Manama – 30 July 2019: Zain Bahrain, a leading telecommunications provider in the Kingdom, reported a net profit of BD2.533 million (US$6.701 million) for the six months ending 30 June 2019, representing a 9% increase year-on-year (Y-o-Y) from BD2.332 million (US$6.169 million) in the same period of 2018. Operating profit increased 34% Y-o-Y from BD2.324 million (US$6.148 million) in H1 2018 to BD3.106 million (US$8.217) in H1 2019, with these positive results being attributed to increased efficiency and cost optimization initiatives in addition to a growth in the company's consumer and Enterprise segment portfolios. Zain Bahrain also continues to progress its digital transformation initiatives.

The growth in profit for H1 2019 was achieved despite a 7% decline in revenue to BD30.547 million (US$80.812 million) as of 30 June 2019. Growth was achieved several operational enhancements, most prominently the introduction of additional digital and automated services throughout Zain Bahrain's operations.

Earnings per share grew 17% Y-o-Y in H1 2019 to 7 fils from 6 fils in H1 2018. Quarter-on-quarter, earnings per share decreased from 3 fils in Q2 2018 to 2 fils in Q2 2019.

In the three-month period ending 30 June 2019 (Q2 2019), Zain Bahrain's net profit decreased by 34% Y-o-Y, from BD1.224 million (US$3.238 million) in Q2 2018 to BD 811,000 (US$2.146 million). Operating profit for the quarter increased 5% from BD1.197 million (US$3.167 million) in Q2 2018 to BD1.254 million (US$3.317 million), while revenue came in at BD14.932 million (US$39.503 million) in Q2 2019, a decrease of 9% from BD16.326 million (US$43.190) in Q2 2018.

At the balance sheet level, the company's assets for the six-month period ending 30 June 2019 amounted to BD111.539 million (US$295.077 million), up 18% Y-o-Y from BD94.803 million (US$250.802 million) in H1 2018. Zain Bahrain's total equity at the end of H1 2019 stood at BD69.525 million (US$183.929 million), down 1% from BD70.213 million (US$185.749 million) in H1 2018

Commenting on the results, Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said, "The first six months of 2019 have set the tone for how we wish to continue – on a positive trajectory that combines profitability with our commitment to delivering a superior experience to our customers. We shall continue to provide services and innovative solutions that cater to the needs of our customers across all segments in an increasingly digital community. We are committed to retaining our position as a leading digital operator in Bahrain. Our pursuit of excellence will remain the top priority as we seek to implement state-of-the-art solutions and technologies that delight our customers and help the Kingdom to realize its digital transformation vision."

Key achievements at Zain Bahrain in H1 2019

• Zain introduced Smart Branch self-service machines in branches across the Kingdom, allowing customers to purchase new prepaid, postpaid, and home broadband lines without the need to talk to a sales representative
• To further contribute to economic growth in the Kingdom, Zain Bahrain launch a new startup initiative, "Zainnovate". The program falls under Zain's contribution to the startup ecosystem in Bahrain, which is also in line with the company's corporate sustainability and social responsibility strategy focusing on innovation, thought leadership and youth empowerment
• H1 saw Zain Bahrain sign several enterprise agreements in the Kingdom. These include an expansion of an existing long-term partnership with Gulf Hotels Group (GHG) to provide its newest property, the Gulf Executive Residence-Juffair, with high-speed internet access and state-of-the-art telecom connectivity solutions; a new partnership with CHAPO Bahrain WLL to provide cutting-edge fixed and mobile internet services; and a partnership with Security Solutions Bahrain to deliver a smart vehicle management solution
• Zain Bahrain increased its roaming add-on coverage by signing new agreements with partners in Azerbaijan, Tunisia, and Kazakhstan to provide a better service to customers who are mobile globally. Global Data Roaming add-ons now cover 84 countries through 125 roaming partners