Zain Bahrain (BSE: ZAINBH), a telecommunications industry innovator in the Kingdom, announced its financial results for the first quarter (Q1 2024). The operator has reported a net profit of BD 1.07 million for the three months ended 31 March 2024, representing a decrease of 25.3% from BD 1.43 million for the same period in 2023. Basic and diluted earnings per share for the quarter is 0.03 fils compared to 0.04 fils in Q1 2023.
Revenue for Q1 2024 increased to BD 19.51 million representing a growth of 7.4% compared to BD 18.17 million in Q1 2023. EBITDA also increased by 3.4% to reach BD 5.70 million compared to BD 5.52 million in Q1 2023.
At the balance sheet level, Zain Bahrain's total equity at the end of Q1 2024 is at BD 83.39 million, a decrease of 2.6% from BD 85.66 million for the year ended 31 December 2023. The company's asset base for the three months ended 31 March 2024 stood at BD 135.83 million, a reduction of 1.3% from BD 137.63 million as of 31 December 2023.
The healthy revenue growth year on year was achieved through innovative Data, Business solutions, and value-added services offerings. Consolidated net income was impacted by the start-up costs of Zain’s Fintech subsidiary and Increased Regulatory Charges.
Commenting on the results, His Excellency Shaikh Ahmed bin Ali Al Khalifa, Zain Bahrain Chairman, said, "During the first quarter of 2024, Zain Bahrain has strengthened its position through its culture of innovation and commitment to utilizing the latest technology. With the rapid advancements of these technologies and the launch of our financial services subsidiary, the telco has focused on addressing customers' critical digital needs by providing new cutting-edge solutions and services that enhance the overall user experience. Zain Bahrain's dedication to pushing the boundaries of what is possible and exploring new ways of using technology, including fintech, has benefited businesses and empowered consumers to take control of their digital lives."
Zain Bahrain Chairman continued, "Zain Bahrain has achieved significant milestones in key areas. It has successfully launched Bede, an innovative Shariah Compliant Fintech Mobile App licensed by the Central Bank of Bahrain (CBB), aiming to deliver convenient microfinance services to its customers. The new fintech subsidiary venture aims to enhance Zain Bahrain's position as a leading digital lifestyle provider, contributing to the growth and development of the Fintech industry in the Kingdom, which comes as part of Bahrain's Economic Vision 2030. Another significant milestone is the launch of ZainTECH, the integrated digital solutions provider of Zain Group, in the Kingdom. ZainTECH operates an advanced suite of digital and ICT services and solutions that assist the digital transformation of enterprises and government entities. This strategic move reflects Zain's continuous commitment to innovation and its dedication to meeting the evolving needs of its customers in the digital era while accelerating the pace of development in new financial services.”
The Chairman added, saying "We are expanding our market presence, enhancing our service offerings, and forging strategic partnerships. We have recently collaborated with The Ministry of Social Development, the Ministry of Transportation and Telecommunications, and the Zakat and Charity Fund under the Ministry of Justice and Islamic Affairs and Waqf. These partnerships reflect our commitment to empowering individuals, businesses, and communities through innovative solutions. With a strong focus on sustainability, digital transformation, and customer-centricity, Zain Bahrain is well-positioned to seize opportunities, overcome challenges, and continue driving growth and value for our stakeholders".
The complete financial statements and Zain Bahrain's financial results announcement press release are available on the Bahrain Bourse website: www.bahrainbourse.com.
Zain Bahrain's key achievements in Q1 2024 included:
ZainTech:
• Officially launched ZainTECH in Bahrain
Launched ZainTECH, the integrated digital solutions provider of Zain Group, in the Kingdom. ZainTECH operates an advanced suite of digital and ICT services and solutions that assist the digital transformation of enterprises and government entities in supporting organizations monetizing data and accelerating their time-to-value.
Bede:
• Officially Launched Bede Innovative App
Successfully launched Bede, an innovative Shariah Compliant Fintech Mobile App in Bahrain, aiming to drive financial inclusion and deliver convenient microfinance services to its customers, a subsidiary of Zain. The launch signifies a milestone in Zain's '4Sight' strategy, revolutionizing the regional fintech landscape.
Network:
• Boosted 4G Network Coverage and Speeds with New LTE 900
Upgraded the 4G network with LTE 900 technology to boost capacity and coverage. The nationwide rollout aims to meet growing data demands and enhance user experiences, focusing on indoor coverage.
Sustainability & Inclusion (Zaina fel Ain):
• Celebrated International Women's Day and announced the opening of a Dedicated Wellness Room
Celebrated International Women's Day with a special gathering and announced the opening of a new wellness room aimed at supporting working mothers and fostering inclusivity. This initiative aligns with Zain's "Women Empowerment" (WE) program, which emphasizes gender equality and diversity. The telco has also enhanced its Groupwide Family Leave Policy, guided by gender equality.
• Partnered with Global Shapers Community to Host "Green Skills" Workshop
Hosted a "Demystifying Green Skills" session in collaboration with Global Shapers Community at Zain Bahrain Tower. This event aimed to educate participants on the significance of green skills in promoting sustainability and addressing climate change challenges. Led by industry experts, the session highlighted potential career opportunities and benefits of acquiring green skills across various industries.
Partnerships:
• Launched a New Feature through Zain Quick Pay in Partnership with Zakat and Charity Fund
Collaborated with Zakat and Charity Fund to introduce a new donation feature through Zain Quick Pay, enabling customers to contribute conveniently and securely. This initiative streamlines the donation process, allowing customers to donate any amount confidentially. All donations go directly to Zakat and Charity Fund to help those in need.
• Provided Communication Solutions for Social Programs with the Ministry of Social Development
Partnered with the Ministry of Social Development to improve communication for social programs. This collaboration focuses on Child Protection Center services, support for people with disabilities, data privacy awareness, and communication assistance for the elderly. This partnership reflects Zain Bahrain's commitment to social responsibility and contributing positively to society.
• Provided Internet Services at Key Locations in partnership with the Ministry of Transportation and Telecommunications
Signed an agreement with the Ministry of Transportation and Telecommunications to provide internet services at Bahrain Post branches and the Small Ships Registration Center. This collaboration aims to enhance communication services and offer high-speed internet at these locations, improving service quality for citizens and residents.
• First Telecom in the Kingdom to Enhance Guests Connectivity Services at The Domain Hotel and Spa
As an extension of the ongoing partnership with The Domain Hotel and Spa, Zain Bahrain has collaborated to enhance guest connectivity experiences. The initiative introduces eSIMs and portable Wi-Fi devices for guests, setting a new standard in guest connectivity and emphasizing Zain's commitment to technological advancements and enhancing traveler experiences.
Employees Career and Professional Growth:
• Announced PATH Program for Frontliners
The telco introduced a new program "PATH", to empower Zain frontline staff. This initiative provides tailored training and advancement opportunities to enhance skills and maximize potential for frontline employees.
Zain E-Sports:
Announcement of the National eSports Qualifiers 2024 in collaboration with Teal Flamingo Studios and Bahrain Gaming Federation. Zain Bahrain partnered with Teal Flamingo Studios and the Bahrain eSports Federation to announce the National Esports Qualifiers 2024. The qualifiers aim to showcase Bahraini gaming talent and select participants for the World Esports Championship, which will represent Bahrain internationally. This collaboration signifies Zain Bahrain's commitment to fostering the growth of esports and supporting local talent in the gaming community.
Source: https://www.zain.com/en/press-release/zain_bahrain_24q1