Page 37 - SAMENA Trends - Oct-Nov 2023

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Zain Group Reports a 10% Increase in Revenues in Q3 2023

Kuwait-based telecoms group Zain has Over the nine months to 30 September subscriptions to 4.0 million. Bader Nasser
published its consolidated financial results 2023, Zain’s CAPEX investments (USD275 Al-Kharafi, Zain Vice-Chairman and Group
for the three months ended 30 September million) focused predominantly on fiber- CEO, commented: ‘Despite the many socio-
2023, reporting a 10% increase in revenues to-the-home (FTTH) infrastructure, 4G economic and competitive challenges
year-on-year to KWD485 million (USD1.6 upgrades and 5G rollouts. In operational across our markets, the impressive
billion), while EBITDA increased 7% annually terms, Zain Group reported a consolidated 9M financial performance reflects the
to KWD183 million. The company booked subscription base of 52 million at 30 implementation of our value-creative
a net profit of KWD60 million in the three September 2023. The Saudi Arabian unit ‘4Sight’ strategy in propelling efficiencies,
months under review, up 11% y-o-y. For the reported 8.9 million subscriptions (up digital transformation and revenue growth.
first nine months of 2023, Zain generated 4% y-o-y) in Q3 2023, while Zain Iraq saw The remarkable operational performance
consolidated revenue of KWD1.4 billion, its subscription base remain flat at 18.0 of all our key markets is very gratifying
up 11% y-o-y, while consolidated EBITDA million. Zain Sudan’s subscription base and testament to the coherence between
for the period reached KWD530 million stood at 15.6 million at that date, down from the Group and local management teams in
(up 8% y-o-y) and consolidated net income 16.2 million in September 2022, while Zain driving synergies and growing the business
increased 13% y-o-y to KWD172 million. Jordan reported a 4% annual increase in its through multiple initiatives.’

Zain and Kuwait Foundation for Advancement of Sciences Sign MoU

In a new step that reflects their unwavering partnership embodies Zain and KFAS’s joint skills, and sustainable strategies. The two
efforts to support and grow the innovation vision to foster innovation and promote organizations will also host programs
and entrepreneurship ecosystems in the entrepreneurship in Kuwait, continuing for capacity building in innovation and
community, Zain and the Kuwait Foundation their long-term missions to upskill national technology, targeting various age groups
for the Advancement of Sciences (KFAS) talents in science and technology and with a special focus on young people.
have announced signing a memorandum empower local startups, who form a Such programs will feature unique training
of understanding. The two organizations vibrant part of the nation’s economy. Under sessions and interactive workshops that
are joining forces to accelerate capacity this partnership, Zain and KFAS will join cover technical and digital skills to cultivate
building, upskill national talents in the their expertise and resources to present the youth’s creativity, support their talents,
private sector, grow research & development several development programs and and embrace their passions. The agreement
in innovation, enable social enterprises, community initiatives that upskill national also explores means to enrich research &
and empower local entrepreneurs. The talents, empowering them to enter the development for innovation, with the aim of
MoU was signed at KFAS headquarters in highly competitive market. The programs promoting sustainable corporate practices
Kuwait City, attended by Zain Kuwait CEO are designed to tackle the needs and and transforming traditional workflows.
Eaman Al Roudhan, KFAS Director General requirements of the Kuwaiti private sector, By having innovation as the main drive
Dr. Ameenah Farhan, and top executives with key topics like leadership skills, digital for corporate strategies, organizations
and officials from both sides. This competencies, management and business can contribute to achieving the nation’s

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