Zain Bahrain Q1 2021 financials show efficiency boost with net profit up by 10.6% to BD1.5 million
Zain Bahrain (BSE: ZAINBH), a leading telecommunications provider in the Kingdom, announces its financial results for the first quarter (Q1 2021). Demonstrating resilience through efficient operations Zain Bahrain's Q1 results are a reflection of the decisions taken at the end of 2020 by the telecommunications giant, the company expanded its network by 75%, accommodating for accelerated data growth across its mobile and fixed network; driven by remote working, virtual education & meetings, and the increasing use of digital solutions.
For Q1 2021, the operator reported a net profit of BD1.528 million for the three months ending, up an impressive 10.6% from BD1.382 million for the same period in 2020. Earnings per share for the quarter remained steady at 4 fils. Revenues for the same period showed a slight increase of 0.3% from BD16.464 million to BD16.507 million. Operating profit in Q1 2021 amounted to BD1.731 million, up by 8% from BD1.603 million recorded in Q1 2020.
On the balance sheet level, Zain Bahrain's total equity at the end of the quarter amounted to BD74.826 million, up by 4.7% from BD71.458 million in Q1 2020. The value of the company's assets at the end of Q1 2021 amounted to BD122.722 million, up by 3.8% from BD118.239 million as of 31 March, 2020.
Commenting on the impressive results, Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said, "Following on from the success of Zain Bahrain in 2020 – which was a challenging year for all – the first quarter of 2021 has seen further growth in all business areas. Our diverse workforce enhanced their operational efficiency, we increased our investments and focused on creating unique initiatives to improve our digital offerings and customer experience. As a leading telecom operator in the Kingdom, Zain Bahrain continued to deliver on our promise to provide the best technology and solutions, ensure the best customer service, and meet the growing demands of an increasingly digital market."
H.E. Shaikh Ahmed added, "This quarter alone, we have taken great strides in the continual expansion of our 4G and 5G infrastructure, and become the first provider to enhance service in certain newly-developed areas of the country. With the launch of several new postpaid product offerings, we have ensured affordability in challenging market conditions, and we continue to facilitate remote working and education through offering free internet access for home broadband customers to online educational platforms. I'm also particularly proud of our community and youth initiatives, with a focus on gamification of learning and even wellness."
Shaikh Ahmed concluded: "We are committed to continuing robust operational efficiency and focusing on product portfolio development throughout the remainder of the year, with a keen eye on macro issues such as climate change and social responsibility. Zain Bahrain will continue to be a digital pioneer in the market, feeding into Bahrain's 2030 Vision by developing talent and raising the bar for locally-grown technology and innovation."
The full 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 in Q1 2021 included:
Investments in Network and Customer Experience:
Product and Services:
Keeping our customers safe and connected:
Community and Social Responsibility:
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