Saudi Telecom Company (Zain) net profits declined by about 94.1% in the first quarter of 2024.
According to what the company revealed today, Sunday, May 12, the total profit reached 67 million billion riyals in the period from January to March, compared to 1.1 billion riyals in the same period in 2023.
Sales increased by 4.6% to SAR 2.5 billion, while gross profit rose by 9.1% to SAR 1.5 billion.
The company attributed the decline in net profits to the completion of the towers infrastructure sale deal during the first quarter of 2023 for an amount of 1.1 billion riyals.
She added: This indicates the reclassification of the financial statements for the first quarter of 2023, and the company's return to its normal course based on its operational processes.
The company attributed the increase in revenues to the growth in revenues from the business sector, fifth generation services, wholesale sales, in addition to the growth in revenues from Tamam Finance Company.
