Zain Group generates revenue of $1.9b

Zain Group generated revenue of $1.9b and recorded net income of $269m for the first half of 2015

Zain Group announced its consolidated financial results for the six months ended 30 June, 2015. Active customers served reach 46.3 million as of 30 June, 2015. Zain is the market leader in six of its eight operations by customer numbers.

For the first six months of 2015, Zain Group generated consolidated revenues of $1.9 billion, down 15% Year-on-Year (Y-o-Y). The Group’s consolidated EBITDA for the period reached $806 million, down 14% Y-o-Y. EBITDA margin stood at a healthy 43% at the end of the period. Consolidated Net Income reached $269 million, down 34% Y-o-Y. Earnings per share for the period stood at $0.07.

For the second quarter of 2015, Zain Group generated consolidated revenues of $940 million. EBITDA for the quarter reached $411 million, resulting in a healthy EBITDA margin of 44%. Net Income for the quarter reached $130 million. Earnings per share for the quarter amounted to $0.03.

Zain Group Chairman Asaad Al BanwanCommenting on the results, the Chairman of the Board of Directors of Zain Group, Mr. Asaad Al Banwan said: “Zain Group continues to deal with the diverse market and social challenges that it faces to the best of its ability, especially in conflict areas where circumstances beyond our control have impacted our overall key financial results for the six month period.”

Zain Group CEO Scott GegenheimerZain Group CEO, Scott Gegenheimer noted, “Although our digital transformation and efficiency drive efforts are well on track across many of our operations, we are disappointed by the severe impact that the increased social instability and intense competition in Iraq is having on our overall financial results for the year to date. Nevertheless we are encouraged to see growth of our customer base in key markets, with both Saudi Arabia and Sudan witnessing healthy growth in all of their key financial indicators.”