The financial statements of Saudi Mobile Telecommunications Company (Zain) showed that the company turned into profitability by the end of the first quarter of this year, with a value of 129 million riyals (34.4 million dollars). < / p>
Zain Saudi Arabia recorded net losses in the first quarter of last year of 77 million riyals ($ 20.5 million).
The company attributed the positive shift in the results of the period to the increase in revenues as a result of increased demand for the company's products and services, in addition to reducing the financial compensation for providing services commercially.
Zain indicated in a disclosure to the Saudi market today, Wednesday, that the positive shift is also due to the reversal of some allocations of the agreement to settle the amounts disputed with the Ministry of Finance and the Ministry of Communications. < / p>
She also noted that operational and administrative expenses have decreased due to the reclassification of lease contracts from operating expenses to consumption expenses, after the adoption of international standards.
The profits of the company increased significantly in the past year, to jump to 332 million riyals, compared to profits of about 12 million riyals in 2017.
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