The third mobile telecommunications provider in Saudi Arabia, «Zain», announced that its earnings increased by 109% over the first nine months of 2022 to reach 299 million riyals, as opposed to profits of 143 million during the comparable period of 2021.
In a statement to today’s trading, the company claimed that despite an increase in sales costs of 34% to 709 million Saudi riyals, the reason for the increase in Zain Saudi Arabia’s net by 109% over the past nine months was a 15% increase in revenues with an amount of 854 million Saudi riyals as a result of growth in the business sector revenues, the fifth generation services, and the return of foreign visitors (work and Umrah performance).
The operational expenses also increased by 15% to 212 million Saudi riyals, which was met with a decrease in firefighting and consumption expenses in the amount of 271 million riyals related to the offers announced to acquire the infrastructure of the Zain Zain Towers.
The data shows that in order to improve the standard of services offered to clients, a total of 423 million Saudi riyals in capital investments were made during the past nine months.
The business’s profits rose by 41 during the third quarter.
After reducing the precautionary measures to combat the Korona’s pandemic, this increase came despite the increase in the cost of revenue by 23%, an increase of 170 million Saudi riyals, to reach 85 million riyals compared to 60 million riyals during the third quarter of 2021. This is due to the increase in revenues by 15%, as a result of growth in the business sector, fifth generation services, and the return of international visitors (work and Umrah performance).
299 million riyals in profits in 9 months for Zain Saudi Arabia
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