Zain Bahrain (BSE: ZAINBH), a telecommunications industry innovator in the Kingdom, announced its financial results for the first quarter (Q1 2022). The operator has reported a net profit of BD1.574 million for the three months ending 31 March 2022, representing a 3% increase from BD1.527 million for the same period in 2021. Earnings per share for the quarter remained at 4 fils.
Operating profit in Q1 2022 showed a slight increase of 1% from BD1.731 million to BD1.749 million. Revenues for the same period amounted to BD17.200 million, up by 4% from BD16.507 million in Q1 2021.
At the balance sheet level, Zain Bahrain’s total equity at the end of Q1 2022 stood at BD77.533 million, down 2% from BD78.870 million for the year ending 31 December 2021. The company’s assets for the three months ending 31 March 2022 amounted to BD128.288 million, down by 2% from BD131.077 million as of 31 December 2021.
Commenting on the results, Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said, “We have begun this year on a high note, continuing the strong performance we experienced in 2021. Zain Bahrain is now in a strong position to achieve its full potential as an integrated full-service telecommunication operator and innovator. The company has continued with its digital transformation strategy on all fronts, strengthened its innovative technology solutions, achieving steady growth of its operating results while improving efficiency and customer experience.”
HE Chairman continued, “Zain Bahrain plays a significant role in supporting the Kingdom’s Vision 2030 toward a digital economy that includes expanding the network and investing in innovations to uplift the end-user experience and grow the digital infrastructure with the next-generation connectivity. We are the first telecom in the Kingdom to deploy new technologies such as narrowband Internet of Things (NB-IoT) and Ericsson New Carrier Aggregation (NR-NR) to use on mid-band frequency to boost the user experience and enable high data rates, which comes as part of Zain Bahrain’s ongoing commitment to enhance its 4G and 5G coverage. We also, expanded our 5G commercial services nationwide, and promoted our Fiber Broadband, offering incredible mobile experiences to customers.”
“Zain Bahrain will continue pursing digital transformation at an accelerated pace which will enable us to continue delivering a superior customer experience.”, concluded HE Chairman.