Zain Saudi Arabia's profits jump 98% in the first quarter

The financial statements of Zain Saudi Arabia showed an increase in the company's net profit in the first quarter of this year by 98% year on year.

The company said that the significant increase in profits during the comparison periods is mainly due to an increase in revenues by 12.44%, amounting to 241 million riyals, resulting from the growth in the revenues of the business sector and services The fifth generation and other sources of revenue, despite the increase in the cost of revenue by 30.6%, amounting to 221 million riyals, and the increase in operating expenses by 33 million riyals, which was offset by a decrease in amortization and depreciation expenses by 56 million riyals related to the announced offers to acquire stakes in the infrastructure of Zain towers. Saudi Arabia.

The company added that it recorded an increase in net profit by 14% during the first quarter of 2022 compared to the previous quarter, indicating that this is due to an increase in revenues by 4.6%. With a total of 96 million riyals resulting from the growth in the revenues of the business sector and the fifth generation services, despite the increase in the cost of sales and operational costs by 26 million riyals and 169 million riyals, respectively.

It added that this was compensated by a decrease in depreciation and amortization expenses by SR107 million related to the announced offers to acquire stakes in the infrastructure of Zain Saudi Towers.