Business
Zain Records 24% Revenue Increase
For the first nine months of 2009, Zain Group recorded impressive consolidated revenues of KWD 1.78 billion (US $6.169 billion) an increase of 24 percent compared to the first nine months of 2008. The company’s consolidated earnings before interest tax depreciation and amortisation (EBITDA) increased by 37 percent for the same period to reach KWD 757.3 million.(US $2.624 billion) with EBIT rising 33 percent to reach KWD 454.9 million (US 1.576 billion).
Consolidated network income reached KWD 1957 million (US $677.1 million), a decrease of 17 percent. The earnings per share for the nine months period stood at KWD 0.051 fils (US $0.18) year-on-year customer growth on the two continents across which Zain operates was 28% whereby the company is serving 71.8 million managed active customers as at September 30, 2009. Zain Group has added over 15 million.
New active customers relative to the same time last year while the Group undertook a company wide exercise to increase its focus on the acquisition and retention of high value customers and build on the delivery of a brand experience of a wonderful world to align customers’ life time value with better customer service and experience.
The Chief Executive Officer of Zain, Saad Al Barrak commenting on the nine months results, said; the company continues to post impressive growth in several key operational and financial indicators as is evident by the increase of our customer numbers, consolidated revenues, EBITDA, EBITDA margin and EBIT. This is a result of our vast and capital intensive network expansion and marketing programmes that are attracting new customers and further enhancing our young award winning Zain brand.” Al Barrak was keen to comment on the exceptional EBITDA and EBIT performance that soared by 37 percent and 33 percent respectively while revenues increased 24 percent over the last 12 months, an indication of the effectiveness of the company’s focus on customer value and cost optimisation,” he said. Earlier in the year, the company introduced “Driness”, an initiative that sees Zain focusing on customers facing services and commercial activities to enhance customer experience, while centralising and outsourcing certain back office/non-core functions to strategic partners.
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