Zain Bahrain has announced its financial results for the fourth quarter (Q4 2023) and full year ended December 31, 2023.
For Q4 2023, Zain Bahrain reported a total profit for the year attributable to the shareholders of BD1.45 million representing a 13 per cent increase compared to BD1.28m for the same period in the previous year. Basic and diluted earnings per share remained at 4 fils. Revenue, meanwhile, increased to BD18.45m, representing a growth of 9.8pc compared to BD16.81m for the same period in the previous year. EBITDA reached BD5.76m, up by 9.3pc from BD5.27m in Q4 2022.
The company reported a 2pc increase in total profit for the year attributable to the shareholders amounting to BD5.81m for 2023, compared to BD5.71m in the previous year. Basic and diluted earnings per share stood at 16 fils for 2023. Revenue generated in 2023 accumulated to BD72.32m, a 7.4pc jump from BD67.36m in 2022. EBITDA increased to BD22.45m for 2023, from BD21.97m in 2022.
Zain Bahrain’s total equity as of end-2023 accumulated to BD85.66m, up by 3pc from BD83.18m at the end of 2022. The company’s asset base stood at BD137.63m, a 1.4pc decrease from BD139.63m in 2022.
Zain Bahrain’s board of directors recommended annual dividends representing 9pc of the company’s paid-up capital, equivalent to 9 fils per share, which totals a dividend amount of BD3.28m, reflecting a 56pc payout ratio, subject to the annual general meeting approval.
Zain Bahrain chairman Shaikh Ahmed bin Ali Al Khalifa said: “Zain Bahrain has consistently strived to provide exceptional digital lifestyle communication services to its customers, and these financial results reflect the company’s dedication and commitment. During the fourth quarter and throughout 2023, Zain Bahrain has made solid progress in numerous areas, showcasing its commitment to innovation and growth.
“In terms of digital and network achievements, Zain Bahrain has continuously made significant strides in enhancing its infrastructure and expanding its digital services. Its continuous investments in cutting-edge technologies have improved network performance and increased customer satisfaction. The telco has improved its 4G and 5G experience with superior network speeds and coverage by sunsetting its 3G Network. This makes it the first operator in the Middle East and North Africa to make this strategic move. It also marked a milestone for Zain Bahrain and helped position the kingdom among the top 10 countries globally on Ookla’s Speedtest Global Index.
“We are also proud to announce that our commitment towards Bahranisation has maintained an impressive level of 95pc. This achievement reflects our commitment to empowering local talent and contributing to the growth of the Bahraini economy. Moreover, Zain has prioritised its youth empowerment programme by training over 5000 individuals through various programmes. One such programme is the Girls for Tech initiative, which aims to bridge the gender gap in the tech industry. We are also delighted to report that our efforts towards gender diversity have resulted in 48pc of new hires being females, and we have increased the presence of females in management positions.”
Zain Bahrain chairman concluded: “As we look ahead, we remain focused on delivering exceptional services, investing in cutting-edge technologies, an contributing to the development of the kingdom. With a solid foundation and a clear vision, we are confident that we can continue driving positive outcomes and creating long-term value for all stakeholders.”
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