Zain Saudi Arabia (TADAWUL:7030) revealed its financial results for the first quarter of this year, which showed that its revenues increased to 2.5 billion riyals, a growth of 4.7% compared to the same period last year.
The results issued on the Saudi Stock Exchange (Tadawul) website showed that Zain Saudi Arabia recorded net profits of 67 million riyals, compared to 1.1 billion riyals for the same period in 2023. This decline in net profits comes as a result of the company completing the deal to sell the tower infrastructure during the first quarter of 2023, which means reclassifying the financial statements for the first quarter of 2023, and the company returning to its normal course based on its operational processes.
Also, the results showed an increase in the company's net profits during the mentioned period, as the profits for the first quarter of 2024 amounted to about 79 million riyals before calculating zakat, compared to 24 million riyals during the first quarter of 2023 (after excluding the profit from the towers deal), an increase of 55 million riyals.
At the same time, these financial results for the first quarter of this year reflect the stability and sustainability of the company’s operational performance and continued growth in all its businesses, specifically those based on 5G network services and solutions across all categories of the company’s customers, and the continued demand for business sector solutions and services, as well as growth in the business of Tamam Finance Company (the financial technology arm of Zain Saudi Arabia).
On Monday’s trading, Zain Saudi Arabia’s stock fell by 1.17%, or 0.14 riyals per share, to trade near 11.80 riyals per share during trading on the Saudi Stock Exchange.
