Showcasing Consistency in its Strong Financial Performance Zain KSA’s Profits Surge by 98% in Q1 2022
Showcasing Consistency in its Strong Financial Performance
Zain KSA has disclosed its financial results for Q1 2022 in which the company recorded a consistent upsurge in its financial performance, highlighting the positive results of its increased profitability that has grown exponentially over the last five years.
In Q1 2022, Zain KSA achieved a 98% increase in profits recording SAR 81 million, compared to the SAR 41 million recorded during Q1 2021. This is due to the growth of business sector revenues, 5G services and other sources of revenues. The company’s revenues grew by 12% in Q1 this year, compared to the same period last year, to reach SAR 2179 million.
Solidifying its position and offering it stability during uncertain times for more than five years, Zain KSA’s positive financial results reflect the success of its operations and investment strategy in addition to its approach in making sizable investments to drive digital innovation across the Kingdom by expanding its portfolio of 5G products and services that serve as pillars for the world’s digital future, thereby accelerating the Kingdom’s digital transformation in line with the goals of its Vision 2030.
Commenting on this achievement, Zain KSA’s CEO Eng. Sultan bin Abdulaziz Al-Deghaither stated, “The Q1 2022 results are a direct outcome of the company’s stable financial performance which flourishes due to several key ingredients, most notably building up a strong capital which has helped extinguished all losses, ensuring effective corporate governance for financial and operational excellence, as well as revenues from the business sector and 5G services, in addition to consistently investing in developing digital products and services in the Kingdom.
On a different note, I would like to emphasize that as part of our commitment to providing our customers with futuristic technological innovations today, the first quarter of 2022 marks a significant milestone along this journey to deliver such innovative solutions through our numerous strategic partnerships with globally-leading players in the field.”
He further indicated, “We have concentrated our efforts on innovation and deployed the 5G Stand-Alone technology, thereby becoming the first network operator to realize this unprecedented achievement in the Kingdom while paving the way for more advanced 5G use cases and applications to be leveraged in the next phase.
Through such a unique investment, we will unlock new growth opportunities for digital services in support of digital consumers as well as enterprises, keeping pace with the Kingdom’s digital transformation efforts and contributing to the goals of Saudi Vision 2030. After that, we launched 5G LAN to become MENA’s first telecom operator to roll out this solution offering our customers in the business sector advanced, secure, and reliable connectivity regardless of the number of connected devices and the type of their network connection, helping them save on equipment and maintenance expenses.”
It is worth mentioning that Zain KSA has recently established several strategic partnerships with global tech giants during this year’s first quarter while attending some of the world’s most prominent tech events such as the global tech expo LEAP, hosted by the Kingdom and organized by the Ministry of Communications and Information Technology (MCIT) and the Saudi Federation for Cybersecurity, Programming and Drones (SAFCSP).
During its participation, Zain KSA unveiled PLAYHERA MENA as part of an investment worth SAR 375 million and signed 16 memorandums of understanding (MoUs) and partnership agreements with some of the world’s biggest tech companies, helping transform LEAP into a platform for unlocking incredible future opportunities for technological innovation across the Kingdom. In addition, Tamam, Zain KSA’s fintech arm in Saudi Arabia, signed an MoU with the Saudi Credit Bureau (SIMAH) to develop a promising future in fintech.
The company also attended the Mobile World Congress (MWC) Barcelona, held from February 28 to March 3, 2022, where it signed several MoUs and partnership agreements. Additionally, Zain KSA has strengthened its strategic partnership with NVIDIA, the world's largest cloud computing company, to expand the GeForce NOW cloud gaming platform to serve regional markets.
Zain KSA continues to work on multiple fronts to enhance its integrated digital ecosystem that offers a rich portfolio of various services for subscribers and businesses, whilst supporting the digitalization of several economic and service sectors, such as fintech, digital entertainment sectors or other sectors, keeping up with the latest trends and next-gen innovations.