Zain Bahrain, a pioneering force in the Kingdom’s telecommunications sector, has disclosed its financial performance for the first quarter of 2024. Despite a 25.3% decline in net profit compared to the previous year, the company’s revenue exhibited a noteworthy surge of 7.4%, reaching BD19.5 million ($51.4 million). Earnings per share for the quarter stood at 0.03 fils, down from 0.04 fils in Q1 2023.
The company attributes its revenue growth to innovative data solutions, business offerings, and value-added services. However, the net income was impacted by start-up costs associated with Zain’s Fintech subsidiary and increased regulatory charges.
In a bid to bolster financial inclusion, Zain Bahrain successfully launched Bede, a Shariah-compliant Fintech Mobile App, aimed at delivering convenient microfinance services. This initiative marks a significant milestone in Zain’s ‘4Sight’ strategy, aimed at revolutionizing the regional fintech landscape.
Additionally, Zain upgraded its 4G network with LTE 900 technology to enhance capacity and coverage, particularly focusing on indoor areas to meet escalating data demands and improve user experiences.
Commenting on the results, Zain Bahrain’s Chairman, Shaikh Ahmed bin Ali Al Khalifa, emphasized the company’s commitment to innovation and leveraging cutting-edge technology to address customers’ evolving digital needs. He highlighted the launch of Bede and the establishment of ZainTECH, an integrated digital solutions provider, as pivotal steps in this direction.
Furthermore, Shaikh Ahmed underscored Zain Bahrain’s dedication to fostering strategic partnerships with government entities and ministries, aiming to empower individuals and businesses through innovative solutions while maintaining a strong focus on sustainability, digital transformation, and customer-centricity.
