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Zain FY09 revenues up 15.7% to KWD2.32bn

Plans to focus on markets in the Gulf and Middle East

By CBR Staff Writer

Mobile telecommunication operator Zain has reported consolidated revenues of KWD2.32bn for full year 2009, an increase of 15.7% compared to 2008.

The company’s consolidated EBITDA increased by 24% to KWD926m, from the same period last year, with EBIT rising 33% to reach KWD505m.

For the full year ended December 31, 2009, the company posted consolidated net income of KWD195m, a decrease of 39% compared to the same period a year ago.

The company said that the year-on-year customer growth on the two continents across which Zain operates was 14%, whereby the company is serving 72.5 million managed active customers as of December 31, 2009. The company has added over 9 million new active customers over the past twelve months.

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Nabeel Bin Salamah, CEO of Zain Group, said: “The best is yet to come for the Zain Group, especially in light of our strong financial position, which will help us make operational decisions in order to attain excellent future returns.

“We will seek to seize any attractive investment opportunity, as well as focus on the markets in the Gulf and Middle East, which currently account for the largest proportion of revenue and profitability.

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