Zain Bahrain (BSE: ZAINBH), a leading telecommunications provider in the Kingdom, announces its financial results for the first quarter (Q1 2021). Demonstrating resilience through efficient operations Zain Bahrain’s Q1 results are a reflection of the decisions taken at the end of 2020 by the telecommunications giant, the company expanded its network by 75%, accommodating for accelerated data growth across its mobile and fixed network; driven by remote working, virtual education & meetings, and the increasing use of digital solutions.
For Q1 2021, the operator reported a net profit of BD1.528 million for the three months ending, up an impressive 10.6% from BD1.382 million for the same period in 2020. Earnings per share for the quarter remained steady at 4 fils. Revenues for the same period showed a slight increase of 0.3% from BD16.464 million to BD16.507 million. Operating profit in Q1 2021 amounted to BD1.731 million, up by 8% from BD1.603 million recorded in Q1 2020.
On the balance sheet level, Zain Bahrain's total equity at the end of the quarter amounted to BD74.826 million, up by 4.7% from BD71.458 million in Q1 2020. The value of the company's assets at the end of Q1 2021 amounted to BD122.722 million, up by 3.8% from BD118.239 million as of 31 March, 2020.
Commenting on the impressive results, Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said, “Following on from the success of Zain Bahrain in 2020 – which was a challenging year for all – the first quarter of 2021 has seen further growth in all business areas. Our diverse workforce enhanced their operational efficiency, we increased our investments and focused on creating unique initiatives to improve our digital offerings and customer experience. As a leading telecom operator in the Kingdom, Zain Bahrain continued to deliver on our promise to provide the best technology and solutions, ensure the best customer service, and meet the growing demands of an increasingly digital market.”
H.E. Shaikh Ahmed added, "This quarter alone, we have taken great strides in the continual expansion of our 4G and 5G infrastructure, and become the first provider to enhance service in certain newly-developed areas of the country. With the launch of several new postpaid product offerings, we have ensured affordability in challenging market conditions, and we continue to facilitate remote working and education through offering free internet access for home broadband customers to online educational platforms. I’m also particularly proud of our community and youth initiatives, with a focus on gamification of learning and even wellness.”
Shaikh Ahmed concluded: “We are committed to continuing robust operational efficiency and focusing on product portfolio development throughout the remainder of the year, with a keen eye on macro issues such as climate change and social responsibility. Zain Bahrain will continue to be a digital pioneer in the market, feeding into Bahrain’s 2030 Vision by developing talent and raising the bar for locally-grown technology and innovation.”
The full 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 2021 included:
Investments in Network and Customer Experience:
- Further expansion of Zain Bahrain’s 5G commercial services in the Kingdom to accelerate business opportunities for numerous sectors.
- Opening of new Zain shop at the Bahrain International Airport's (BIA) new Passenger Terminal building.
- Significant investment in 5G and 4G infrastructure resulting in enhanced mobile and broadband experience for customers in the newly developed areas of East Hidd, Hidd block 111, and Lawzi.
- In collaboration with Ericsson, Zain Bahrain successfully completed trials of Narrow Band Internet of Things (NB-IoT) technology to support Bahrain in achieving its National Telecommunication Plan (NTP) - 5 Machine to Machine (M2M) aspirations.
Product and Services:
- Enhanced the Samsung Galaxy customer experience with the launch of the next-gen product the Galaxy S21 Series 5G, with free mobile insurance and up to 60GB of data.
- Launch of 'Wiyana', an umbrella for postpaid plans offering a range of benefits to ensure customers stay connected by paying less with high-speeds while receiving great value. Wiyana provides up to 50% additional data and can be purchased for as low as BHD 7/month.
Youth:
- Zain Bahrain continues to be the Key Sponsor for the Bahrain Basketball Federation’s 13th season.
Keeping our customers safe and connected:
- Providing free internet access for home broadband customers to online educational platforms during the suspension of on-campus learning, to enable students to continue their education virtually.
- Zain Bahrain provides all students using its home broadband services with free access to selected educational platforms, which included: Google Classroom, Google Hangout, Microsoft Teams, University of Bahrain Black Board, https://www.edunet.bh/ , and eduNET.BH app.
- Further investment in the ‘Be Safe’ initiative, enabling customers to utilize all Zain Bahrain’s digital channels to complete their services in a secure manner from the safety of their own homes. Virtual channels include Zain app, Zain zBot (interactive live chat), Zain E-shop portal eshop.bh.zain.com, and Zain Smart Branch available in 10 different locations.
Community and Social Responsibility:
- Launch of ‘zWellness Program’, to incentivize employees to adopt healthy habits through gamification and rewards.
- Celebrated Bahrain Sports Day, partnered with Hayatech, a wellness gamification platform, to ‘Walk for a Cause.’ where employees achieved 3 million steps cumulatively, gaining points and rewards, and donated the amount to the Bahrain Paralympic Committee.
- Continuing to support of The Supreme Council for Women’s national campaign ‘Together for Bahrain's Safety’, providing sanitizers and cleaning products to needy families and other vulnerable people in Bahrain.
Development:
- Continuation of the developmental TALKS series, where prominent business leaders deliver inspirational speeches and interactive sessions to our employees, with the hosting of a positivity session titled 'Heart intentions' for its employees, from Master Fawzeya Alsendi, Founder of the Bahrain Positive Energy Center as the spokesperson; a session with renowned Bahraini artist Maryam Abdulla Nass; and a session with Prominent Practitioner Coach, Dr. Hooreya Abbas in collaboration with The Bahrain Society for Training & Development (BSTD).
- Launch of an internally-created and totally unique gamification and training platform – 'Travel in the Digital World', to help upskill and reskill our employees in digital fields, plus enhance engagement by gamifying the learning experience.