563 million riyals.. Profits of “Zain Saudi Arabia” jump in 2023
The company's results on Tadawul Saudi Arabia revealed today, an increase in net profit after zakat and tax to 563 million riyals, compared to profits of 81 million riyals for the first quarter of last year, an increase of 595.06%.
Shrouq
The Saudi Mobile Telecommunications Company (Zain Saudi Arabia) recorded a jump in net profits during the first quarter of 2023, compared to the same quarter of 2022, in light of the growth in business sector revenues and fifth generation services.
Net profits
The company's results on Tadawul Saudi Arabia revealed today, an increase in net profit after zakat and tax to 563 million riyals, compared to profits of 81 million riyals for the first quarter of last year, an increase of 595.06%.
The company explained that the reason for the increase in net profits is mainly due to an increase in net revenues by 11%. As a result of the growth in the revenues of the business sector and the fifth-generation services, in addition to the growth in the revenues of "Tamam Finance".
Increase in net profit
It indicated that the increase in net profit is also due to gains from selling and renting 3,600 towers, which amounted to about 532 million riyals.
It also pointed out that the increase in profits came despite the increase in the cost of revenues, operating expenses, and the financing cost, which is due to the increase in the reference price of the financing cost in Saudi riyals (SIBOR) and the reference price of the financing cost in US dollars (LIBOR).
On a quarterly basis, the company's profits jumped by 125.2%, compared to the profits of the previous quarter, which amounted to 250 million riyals.
The results of “Zain Saudi Arabia” in the year 2022 revealed an increase in net profits by 157%, to 550 million riyals, compared to 214 million riyals in 2021.
Economic zones
In a related context, the Crown Prince and Prime Minister announced the launch of 4 special economic zones in Riyadh, Jazan, Ras al-Khair and King Abdullah Economic City, aiming to develop and diversify the economy and improve the investment environment. This will enhance the Kingdom's position as a leading global investment destination.
in a related context, The preliminary reading of the gross domestic product showed that the Saudi economy grew by 3.9% on an annual basis in the first quarter of 2023, led by the growth of non-oil activities.
