LOC16:27
13:27 GMT
KUWAIT, July 29 (KUNA) -- Zain Group, a pioneer of mobile telecommunications across the Middle East and Africa, generated revenue of KD 562 million (USD 1.9 billion) and recorded net income of KD 80 million (USD 269 million) for the first half of 2015.
Zain said in a report for its financial results for the first six months of this year the Group data revenues (excluding SMS and VAS) witnessed a 10 percent growth rate Y-o-Y, with data now constituting 20 percent of the Group's total revenues.
Foreign currency translation impact mainly due to the appreciation of the USD cost the company USD 57 million on revenue, USD 26 million on EBITDA and USD 13 million on net income.
It added that there was a healthy growth in Zain Saudi Arabia which saw increase in its customer base by 25 percent to serve 11.3 million customers, with net losses narrowing by 29 percent Y-o-Y.
Zain Sudan performed extremely well as revenues increased by 6 percent and net income by 31 percent (in USD terms) Y-o-Y, it noted.
Meanwhile, Zain Iraq completed its operating licence requirement of listing on the Iraq Stock Exchange on 23 June, 2015, offering 25 percent of the company's equity to the public.
The continued social instability in Iraq and heightened levels of competition severely impacted Zain Iraq's and consequently the Group's overall key financial metrics.
Zain Group entered into the area of venture capital investment through several strategic participations in Middle East Venture Partners' (MEVP) latest fund and WAMDA's future growth fund, both of which invest in early stage and growth technology companies.
Zain Group also announced the expansion of its existing Partner Market Agreement with Vodafone, to deliver Machine-To-Machine (M2M) services to Enterprise and Government sectors across the region.
Chairman of the Board of Directors of Zain Group Asaad Al Banwan said that "Zain Group continues to deal with the diverse market and social challenges that it faces to the best of its ability, especially in conflict areas where circumstances beyond our control have impacted our overall key financial results for the six month period."
"The Board is working closely with senior management in driving efficiency and cost optimization, upgrading and expanding our networks, maintaining our market leadership positions across our country operations, and constantly evaluating business-enhancing and acquisition opportunities. The Board is confident that the company's innovation and digital strategy will generate long-term value for shareholders," he added. (end)
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