Zain Saudi, Wednesday reported a narrowing second-quarter loss, achieving operational break-even for the first time since launching its services in 2008. This saw Zain’s operating losses falling by 78% for the first half of this year to SAR 58 million compared to SAR 263 million that it incurred during the same period last year.
The Operator also reported a 64% growth in EBITDA during the second quarter, posting SAR 435 million, up from SAR 264 million during the same quarter last year. Zain Saudi’s gross profit rose 19% to SAR 949 million for the second quarter, up from SAR 797 million posted during the same period a year ago, and by 14% for the six months period to reach SAR 1,824 million.
Farhan bin Naif Alfaisal Aljarbaa, Chairman of the Board of Directors of Zain KSA
I am delighted to see the continued excellent performance of the Company as witnessed in these financial results. This is a historic quarter for the Company, being the first quarter where we are able to report a positive EBIT. I would like to congratulate the management team on this outstanding performance.
Hassan Kabbani, Chief Executive Officer of Zain KSA
Achieving EBIT breakeven is a very important milestone in the turnaround of Zain KSA. The operational improvements we have made as part of our strategy are now delivering consistent results. Customers are finding that Zain’s data and voice services are better value for money, with customer experience exceeding their expectations. In general, our customers report that the overall customer experience they enjoy with Zain KSA is better. We believe that our sustained financial improvements demonstrate that our strategy is working.