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Zain''s profit at USD 179.1 mln in Q1 of 2010
Communications    5/13/2010 5:59:00 PM
 
(with photos) KUWAIT, May 13 (KUNA) -- Zain Telecom Group announced Thursday that its profit for the first quarter of the current fiscal year, 2010, was at USD 179.
1 million.
Zain Group Chairman Asaad Al-Banwan told the press that the total earnings of the Zain Group in the Mideast region reached USD 1.15 billion, an increase of 11 percent from the 2009's number of USD 1.04 billion.
Regarding the financial status of Zain in the first quarter, Al-Banwan indicated that despite the shifts on its operational mechanism, Zain had achieved 24 percent growth in its operational net profit.
He also noted that profit for shareholders had also increased in the first quarter by 10 percent, settling at USD 8.72 billion in contrast to the USD 7.
95 billion number in the same period in 2009.
With regard to the number of clients in the Mideast during the first quarter, Al-Banwan noted that the number had increased to 31.4 million, which is an increase of 28 percent from the number in the first quarter of last year, 24.6 million.
Despite the effects of the global financial crisis, which are still being felt in the regional and global markets, Zain will continue to face these challenges and achieve growth, affirmed Al-Banwan.
Zain Group,is a mobile telecommunications company founded in 1983 in Kuwait as MTC or Mobile Telecommunications Company, and was rebranded to Zain in 2007. Zain has commercial presence in 25 countries across Africa and the Middle East, with an estimated work force of 13,000. As of February 2010, about 60 percent of Zain's customers were in Africa although Africa contributed only 15 percent to the group's net profit. (end) hq.gta KUNA 131759 May 10NNNN
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