The profits of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) during the third quarter decreased by 50.4% to reach 60 million riyals (16 million dollars), compared to 121 million riyals. One million riyals ($ 32.3 million), in the same quarter of last year.
According to Arabiya Net, the company said in a statement that the decline in profits came as a result of a 4% decrease in revenues by 80 million riyals due to the cumulative impact of the Corona pandemic that led to Low numbers of visitors and Umrah performers, and the Hajj season being restricted to domestic pilgrims, in addition to reducing prices for final calls.
and compared to the second quarter of this year, net profit increased by 1.7%, compared to about 59 million riyals net profit in the second quarter of 2020.
During the first nine months of this year, Zain Saudi Arabia's net profit, after zakat and tax, declined to 224 million riyals ($ 59.7 million), compared to 380 million riyals ( $ 101.3 million) during the same period last year, down 41.1%.
By the end of the period, the accumulated losses of the company amounted to 1.38 billion riyals, equivalent to 23.7% of the capital of 5.84 billion riyals.
