Manama: Zain Bahrain, a leading telecommunications provider in the Kingdom said its net profit was up 61% to BD2.33 million in H1 2018.
Shaikh Ahmed bin Ali Al Khalifa, Chairman of Zain Bahrain, a leading telecommunications provider in the Kingdom, today announced the firm’s financial results for the six-month period ending June 30, 2018 (H1), which saw the company record a net profit of BD2.33 million (US$6.16 million).
Net profit in the second quarter of 2018 (Q2) reached BD1.22 million (US$3.24 million), up 29% year-on-year, which also reflected a 10% quarterly increase in net profit over Q1 2018’s figure of BD 1.11 million (US$2.93 million).
Operating profit for H1 2018 amounted to BD2.32 million (US$6.15 million), a 47% year-on-year improvement from BD1.58 million (US$4.19 million) a year earlier. Operating profit for Q2 2018 amounted to BD1.2 million (US$3.2 million), up 20% from BD1.00 million (US$2.65 million) in Q2 2017. Earnings per share increased to 6 fils (previously 4 fils) for the six month period ending 30 June 2018, while it remained at 3 fils during Q2 compared to the same period last year.
Revenues for H1 2018 reached BD 32.7 million (US$86.5 million), down 12% year-on-year, with Q2 2018 revenues declining 14% to BD16.13 million (US$42.7 million). Zain Bahrain’s total equity stood at BD67.4 million (US$178.2 million) at the end of Q2 2018, up from BD64.3 million (US$170 million) a year earlier. The company’s assets amounted to BD96.3 million (US$255 million) at the end of Q2 2018, down from BD102.5 million (US$271 million) at the end of Q2 2017.
The company’s strong performance during the first half and second quarter of 2018 reflects the efficient business strategy adopted by Zain Bahrain, enabling it to continue to deliver excellent financial results. This performance allows Zain Bahrain to offer significant value to its customers while the company invests in innovation to maintain its leading role in one of the world’s fastest evolving industries. Net profits were also boosted by Zain Bahrain’s attractive offerings, its ongoing cost containment programs, and the continuous enhancements in its mobile and broadband services.
“Zain Bahrain has been able to achieve solid results due to an integrated management approach carried out by a highly professional team, reinforcing the company’s role as a leading telecommunications company in the Kingdom, which provides quality communications solutions to satisfy the needs of its customers,” Zain Bahrain Chairman, H.E. Shaikh Ahmed bin Ali Al Khalifa said.
“Results for the second quarter of 2018 are in line with Zain Bahrain’s goals as the company merges its digital leadership in the telecom market. It is noteworthy that Zain Bahrain’s fixed wireless broadband services were recently recognized in a Telecommunications Regulatory Authority (TRA) report as having the fastest performance in HTTP download speed, FTP download speed, on-net ping time, and web browsing time, among other categories.”
“In fact, Zain Bahrain received number one rankings than any other telecom operator in Bahrain. Our company has fundamentally changed how telecom service providers compete in ultra-fast broadband access, and we have cemented our reputation as an innovator in broadband technologies by providing exceptional fixed and mobile internet services to customers.”
Shaikh Ahmed concluded, “We will continue implementing our digitalization strategy and state-of-the- art services to achieve exceptional customer service and further growth and success in the Kingdom while remaining focused on delivering products and services incorporating the latest technologies to meet our customers’ needs.”
