Manama: Zain Bahrain yesterday posted a net profit of BD4.3 million ($11.3m) for 2016.
This compares with a net profit of BD5.1m ($13.5m) in the previous year. Revenues amounted to BD64.6m ($170.9m) in 2016, a nine per cent decrease from BD71.1m ($188.1m) in the previous year. The company attributed the results to a fiercely competitive telecommunications sector.
However, the firm reported a 22pc surge in its customer base during 2016, from 795,000 to 971,000. The leap was attributed to innovative products and services. It also benefited from growing awareness of the strong connectivity and speeds of its 4G LTE network.
Profit for the three months ending December 31, 2016 stood at BD1.2m ($3.2m), a 29pc fall from BD1.7m ($4.5m) in the same period of 2015.
Revenues for the quarter reached BD15.8m ($41.8m), compared with BD17.5m ($46.3m), a decrease of 9.7pc.
“Zain Bahrain’s profitability in such a highly competitive market landscape speaks volumes about the merit of its market strategy,” said chairman Shaikh Ahmed bin Ali Al Khalifa.
“The fact that our customer base continues to grow in the face of this intense competition speaks of the quality of the user experience.”
“Despite the intense competition, Zain Bahrain has managed to position itself well for the long term, with a higher share of the market as consumers responded to our many marketing initiatives during the year.
“We remain committed to our core values of excellence and innovation, and look forward to crossing the one-million customer mark in the near future, while creating increased value for our shareholders,” he added.
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