The profits of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased marginally in the third quarter of 2021 by 0.33% to reach after zakat and tax to 60.4 million riyals, compared to 60.2 million riyals. million riyals in the same period of 2020.
According to Arabiya Net, net profits rose by 45% in the third quarter of 2021, compared to profits of 41.65 million riyals recorded in the second quarter of the same year. .
The company said in a statement, that it maintained profitability levels in the third quarter of this year compared to the same quarter of the previous year, due to an increase in revenues by 3%. With a total of 56 million riyals due to the growth in the revenues of the business sector and the fifth generation network.
The company indicated an increase in the cost of revenue by 12%, amounting to 78 million riyals, as a result of reversal provisions during the third quarter of the previous year and the gains resulting from rescheduling the Murabaha financing during the quarter. The same from the previous year with 136 million riyals.
Operating expenses decreased by 61 million riyals, and financing expenses decreased by 90 million riyals. This is due to the reduction of the company's total debt resulting from the capital restructuring process during the last quarter of 2020.
The data indicated that net profits in the first nine months of this year decreased by 36.16% to 143 million riyals, compared to 224 million riyals in the same nine months of 2020. .
The company's revenues decreased by 0.64% in the nine months ended last September, recording 5.818 billion riyals, compared to 5.856 billion riyals in the corresponding period of 2020.
