Posting 109% profit growth in the first nine months
Zain KSA recorded 109% growth in net profit during the first nine months of 2022, compared to the corresponding period 2021, as revenue amounted to SAR6,7 billion by the end of Q3 2022.
With these results, Zain KSA continues to reflect positive financial performance, backed by a strong operational and investment performance and an improved customer experience that leverages the latest digital services. The results are attributed to Zain KSA’s efforts to further deepen the 5G experience for all its customers – B2C, B2B, and B2G – in addition to the resumption of the Hajj season which further fueled demand for its services. The expansion of Zain KSA’s innovative digital offerings, including the Yaqoot App bundles and Tamam Financing, Zain KSA’s FinTech subsidiary, has further driven demand and spurred revenue growth.
Commenting on the financial results, Eng. Sultan bin Abdulaziz Al-Deghaither, CEO of Zain KSA, said: “The results of the first nine months of this year build on Zain KSA’s consistent financial and operational growth. These results confirm Zain KSA’s reliability and attractiveness to our diverse customer base as a 5G partner of choice, an enabler of digital solutions, and a market-leading provider of innovative and efficient digital products. During the third quarter of 2022, we continued to deepen our 5G network experience and upgrade our digital infrastructure to serve individuals, enterprises, and giga-projects in Saudi Arabia with the ultimate goal of positioning the Kingdom among the world’s future tech leaders and providing ultra-fast, reliable Internet. While we will continue our targeted investments to promote the Saudi ICT sector, we will focus on the Fintech sector, exploring the promising growth opportunities and bringing in new financing solutions through our emerging FinTech arm Tamam. In addition to attracting and localizing the latest technologies, during Q3 2022 we continued to support young national talent and provide employment and training opportunities for them. We participated in the 8th edition of ‘A Step Ahead’ career fair, where we reached out to young talents seeking to leverage their competencies to accelerate the ICT sector Localization.”
Zain KSA has recently stepped up its contribution to the regional eSports sector, by rolling out the new regional digital entertainment platform PLAYHERA MENA in collaboration with global gaming platform PLAYHERA to target the Middle East’s markets. Headquartered in Saudi Arabia, PLAYHERA MENA will create a suitable environment for innovators, content designers and esports amateurs besides fostering the capabilities of professional gamers. As part of its environmental sustainability action and encouraging the transition to a circular economy, Zain KSA was one of the first companies to support ‘Recycle your Device’ e-waste recycling campaign launched by the Communications and Information Technology Commission.
