The financial statements of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) revealed an increase in the company's profits in the third quarter of this year by 41.7% on an annual basis.
Zain Saudi Arabia said in a statement to Tadawul today, Wednesday, that the profits for the period amounted to 85 million riyals, compared to 60 million riyals, profits for the third quarter of 2021.
Zain Saudi Arabia clarified in the statement that the increase in profits during the comparison periods is due to the increase in revenues by 15% as a result of the growth in the business sector and fifth generation services and the return of international visitors (to work and perform Umrah), after easing the precautionary measures to combat the Corona pandemic, and this increase came despite Cost of revenue increased by 23%, an increase of SAR 170 million.
Zain Saudi Arabia added that the operating expenses during the period increased by 151 million riyals, and the amortization and depreciation expenses decreased by 115 million riyals, related to the announced offers to acquire stakes in the infrastructure of Zain Saudi Arabia towers.
On the other hand, the financing cost increased by 39 million riyals as a result of the increase in the reference price for the cost of financing in riyals (SIBOR) and the reference rate for the cost of financing in dollars (LIBOR).
Zain Saudi Arabia's revenues in the third quarter of this year amounted to about 2.29 billion riyals, compared to 1.98 billion riyals in the same period last year, an increase of 15.3%.
Zain Saudi Arabia achieved profits of 299 million riyals at the end of the first nine months of this year, compared to 143 million riyals in profits for the same period last year, an increase in profits by 109.1%.
