According to the company, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the third quarter of 2008 reached $763.6 million, an increase of 20% over the same period of 2007. For the third quarter of 2008, consolidated revenues increased 25% to $1.89 billion.
Zain Group claimed that, year-on-year customer growth across the two continents where the company operates was 54% with the group serving 56.3 million managed active customers as of September 30, 2008. Earlier, it had announced the completion of its capital increase raising $4.5 billion with 99% of all shareholders subscribing.
Earlier in September 2008, Zain announced the completion of its capital increase raising US$4.5 billion (KWD1.2 billion) with 99% of all shareholders subscribing.
Saad Al-Barrak, CEO of Zain, said: Despite financial turmoil across the globe, we are delighted to have succeeded in raising $4.5 billion through our capital increase. Additionally the launch of services in the Kingdom of Saudi Arabia has been successful.
Established in 1983 in Kuwait, Zain is engaged in the field of telecommunications. The Zain brand is wholly owned by Mobile Telecommunications Company KSC. Since 2003, it has grown to be the 4th largest mobile network in the world in terms of geographic presence providing service in 22 countries spread across the Middle East and Africa.
