Shares of Zain KSA, formally known as Mobile Telecommunication Co. Saudi Arabia, went up after the Saudi telecom operator reported that its profit more than doubled to SR214 million (US$57 million) in the first half of 2022.
The share price increased 2.33 percent to SR11.4 by 11:57 a.m. Saudi time, amid trading of nearly 1.4 million shares.
The company’s profit surged 157 percent from SR83 million in the same period a year earlier on the back of higher revenue, according to a filing to the Saudi Exchange.
Its revenue rose from SR3.8 billion to SR4.4 billion driven by the growth in B2B, 5G and other revenue streams in addition to a post-pandemic return of international visitors.
Source: https://www.arabnews.com/node/2123661/business-economy