The company’s trading results showed quarterly revenue rose 11% to 2.4 billion riyals from 2.2 billion riyals recorded in the same period last year.
Zain Saudi Arabia, in a statement posted on the Saudi Stock Exchange’s website, Tadawul, attributed the sharp increase in first quarter earnings, compared to the same quarter a year earlier, to:
An increase in net revenue of 244 million Saudi riyals, an increase of 11% compared to revenues in the first quarter of 2022. This increase is due to the growth of revenues from the fifth generation business and services sector, in addition to growth in Tamam Finance’s revenues. Revenue cost increased by 6.9%, but gross profit increased by SAR 179 million or 14.5%. Operating expenses increased by SAR 195 million, while depreciation and amortization decreased by SAR 16 million. The increase in the cost of funding by 50 million Saudi riyals, due to the increase in the reference price of the cost of financing in Saudi riyals (SIBOR) and the reference price of the cost of financing in US dollars (LIBOR). The net gain from the sale and lease of 3,600 towers to Golden Letess (GLI) in the first quarter of 2023 was SAR 532 million, excluding any zakat-related increases.
The company also said shareholders’ equity (there are no minority rights) at the end of the period was 10,357 million riyals, compared to 9,238 million riyals at the end of the same reporting period. the previous year.
Total comprehensive income for the current quarter was 557 million riyals, compared to total comprehensive income for the similar quarter of 198 million riyals, and compared to total comprehensive income of 244 million riyals for the quarter previous.
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