Thursday, September 19, 2019

Zain Bahrain reports 2017 net profit of BD 4.3 million

Zain Bahrain (Ticker: ZAINBH), a leading telecommunications provider in the Kingdom of Bahrain, reported a BD 4.306 million (USD 11.4 million) net profit for the full year 2017, up 1.2% from BD 4.254 million (USD 11.3 million) a year earlier. This positive performance was driven by a 23% surge in annual data revenues, resulting in revenue growth of 13% year-on-year, in addition to further developments in operational efficiency.

The annual net profit increase comes on the back of BD 73.012 million (USD 193.2 million) in revenues for the year, up from BD 64.647 million (USD 171 million) in 2016. Data growth was fueled by a continued expansion in data-centric products and digital offerings, important components of Zain Bahrain’s growth strategy. The company’s EBITDA reached BD 22 million (USD 58.2 million) in 2017 compared to BD 24.8 million (USD 65.6 million) a year earlier, while its EBITDA margin stood at 30% for the year.

For the fourth quarter of 2017, Zain Bahrain reported a net profit of BD 1.507 million (USD 4 million), a 24.8% increase on the BD 1.207 million (USD 3.2 million) recorded a year earlier, with Q4 revenues growing by 16.8% to BD 18.485 million (USD 49 million), up from BD 15.824 million (USD 41.8 million) in 2016. The company’s EBITDA for Q4, 2017 amounted to BD 5.3 million (USD 14 million) compared to BD 6.2 million (USD 16.4 million) in 2016.

Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said: “Future growth in the telecoms sector will be driven by data and digital services, and Zain Bahrain is poised to capture this market through a differentiated, best-in-class digital customer experience. The focus remains on customer empowerment, convenience, and autonomy. We continue to prioritize this strategy by expanding our range of innovative digital products and services, enhancing our mobile app and online customer portals, and building partnerships with third party content and service providers that can add value to the customer experience.”

Shaikh Ahmed continued, “Zain Bahrain remains profitable and growing despite a challenging market. Our positive annual and quarterly results in such a difficult environment are a demonstration of the competence of our growth strategy. In 2018 we expect to build on the momentum gained last year through a further expansion of Zain Bahrain’s digital offerings.”

Key achievements for Zain Bahrain during 2017

Excluding financial indicators, the Zain brand was ranked by leading London-based valuation and strategy consultancy Brand Finance as the second most powerful home-grown brand in the region. The valuation of Zain’s brand for 2017 was calculated at US$2.34 billion, a 9% increase on its 2016 valuation. In September 2017, Zain was awarded the ‘Best Brand’ for Telecom for a fourth consecutive year at the prestigious Telecoms World Middle East Awards.

Zain Bahrain was also recognised by ResponseTek C.A.R.E. Awards for its outstanding customer experience program, winning first place in the Overall Best in Class Program category. The award was in recognition of the company’s impressive year-on-year improvement in customer engagement across all channels.

At the annual Ministry of Labour and Social Development Awards, Zain Bahrain received the Human Resources Development and Training Award for its outstanding efforts in developing talent. Zain Bahrain was also awarded the prestigious 2017 GCC Best Employer Brand in recognition of its outstanding human resources practices.

Zain Bahrain hosted the 10th MIT Enterprise Forum Arab Startup Competition’s final award ceremony on behalf of Zain Group this year. The ceremony, held at the Bahrain International Circuit (BIC), welcomed public figures, investors, media personnel and entrepreneurs from across the globe. The competition was organised in partnership with Community Jameel and Tamkeen.

Zain Bahrain also entered the 10th year of its partnership with the Bahrain Basketball Association by launching a new logo for the Zain Bahrain Basketball League. The collaboration is one of the most successful and enduring sports sponsorships in the Kingdom, which has helped improve the skills of players and taken the sport to new levels of popularity.

MOST READ

Children Summer Programmes Conclude

The closing ceremony of the summer entertainment activities at the Sharifa Al-Awadhi Youth and Children Club was held under the patronage of Labour and...

Bentley announces details of new model year Continental GT as V8 derivative arrives

Bentley has announced new model year details for its ground-breaking Continental GT, the GT V8, and the introduction of new features. A Panoramic Glass Roof...

AI and Emotional Quotient (EQ) Skills

Several researchers (inside and outside Bahrain) are reporting, and independent research confirms, that artificial intelligence (AI) will reshape our economy and the roles of...

Bahrain Food: A Distinct Culmination of Tastes, Flavours and Traditions

Bahrain dishes are famous for their taste with a combination of different flavors from other Arab kitchens. We can clearly see the impact of...

Batelco hosts ‘Batelco Talks’ session on Data Protection

In line with its efforts to provide employees with an interactive platform for learning, development and knowledge exchange, Batelco hosted its most recent ‘Batelco...

Bahrain Pearling Revitalization Project wins Aga Khan Award for Architecture

The winners of the 2019 Aga Khan Award for Architecture were announced and the Revitalization Project in Muharraq, which highlights the World Heritage site’s...

Third annual Bahrain Tech Week to celebrate Bahrain’s maturing ecosystem

The Bahrain Economic Development Board (EDB) announced it will be hosting the third annual Bahrain Tech Week from September 15 – September 19. The...

Partnership with Private Sector key to achieving food security

Minister of Works, Municipalities Affairs and Urban Planning, Essam bin Abdulla Khalifa, has stressed that partnership with the private sector is essential for enhancing...

HRH Premier hails Bahrain Thailand Solid Relations

His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa has stressed that the economic field is among the aspects of the distinguished...

HH Nasser bin Hamad hails results achieved by the team members in the Ironman 70.3 World Championship

HH Shaikh Nasser bin Hamad Al Khalifa, Representative of His Majesty the King for Charity Works and Youth Affairs and President of the Supreme...

All your government transaction updates directly to your phone via NotifyMe

With today’s fast paced lifestyles and hectic schedules, keeping track of all updates may seem like a daunting task. It’s especially frustrating when you’re...

Carrefour Hosts Grand Opening to Inaugurate its most Sustainable Hypermarket Yet in Barbar’s Iconic Jawad Dome

Carrefour, which is operated in Bahrain by Majid Al Futtaim, held a grand opening last 17th September, 2019 to inaugurate its most sustainable hypermarket...

Google takes one tiny step closer to the world beneath the world

If you put a virtual work of art in the real world for everyone to see — say, a beautiful sculpture in a park...