The profits of Saudi Mobile Telecommunications Company Zain decreased by 18.6% to reach 105 million riyals in the first quarter of 2020, compared to 129 million riyals in the same period in 2019 .
According to ArabiaNet, the profits were equal to those achieved in the previous quarter, which was 105 million riyals.
The value of operating profits in the first quarter reached 357 million riyals, compared to 382 million riyals in the first quarter of 2019, a decrease of 6.5%.
Zain Saudi Arabia said that the decline in profits is due to a 2.6% decrease in revenue worth 55 million riyals resulting from a decrease in demand for the company's products and services with low margin, such as visitor packages. And the sale of smartphones. She pointed to an increase in operating expenses of 5 million riyals, an increase in expected credit losses of 4 million riyals, and amortization and amortization increased by 9.5 million riyals as a result of investing capital expenditures. Finally, Zakat increased by 5 million Saudi riyals.EBITDA for the current quarter reached 939 million Saudi riyals, which represents 46% of revenue, compared to 955 million riyals Saudi company, which represents 46% of revenue during the same quarter of the previous year.
The company reversed certain provisions during this quarter with a net effect of 133 million riyals, compared to 107 million riyals in the same quarter of the previous year.
