Zain KSA, a leading telecom operator in Saudi Arabia, announced robust financial results for the first half of the year, achieving a revenue of SAR5 billion ($1.3 billion) and a 60% increase in net profit to SAR172 million ($45.8 million) from SAR108 million ($28.7 million) the previous year, excluding the SAR1.1 billion ($293 million) tower infrastructure sale transaction.
The results for the six-month period ending June 30, 2024, highlight Zain KSA’s strategic focus on enhancing customer experience and advancing next-generation technologies. This strategy has driven revenue growth in the B2B sector and increased demand for services during the Hajj season.
Zain KSA was the first operator to provide full 5G coverage at the holy sites, coupled with sustained demand for its digital service Yaqoot. The company’s business and returns on investments in adjacent markets, particularly in the fintech sector through Tamam, also continued to grow.
CEO Engineer Sultan bin Abdulaziz Al Deghaither commented: “At Zain KSA, we continue to enhance the digital capabilities for our individual and enterprise customers to drive nationwide digital transformation. This growth reflects our strategic focus over the past years on empowering a seamless, customer-centric digital experience.”
“We have launched a new expansion plan with investments amounting to SAR1.6 billion, aiming to increase 5G network coverage from 66 to 122 cities. Additionally, we achieved a significant milestone by providing full 5G coverage at the holy sites, contributing to the Pilgrim Experience Program with advanced infrastructure to enhance digital experiences for pilgrims,” he stated.
“Through these investments, we also aim to support Industry 4.0 by allocating 45% of the 5G infrastructure to support advanced 5G technologies,” he added.
In parallel with this business growth, Zain KSA is committed to operating responsibly and in compliance with global sustainability practices. With extensive experience in sustainability, the company aims to transfer and share this knowledge to enhance the capabilities of SMEs in the ICT sector.
As a result, Zain KSA has been selected among 22 leading national companies in the kingdom for its sustainability practices and has signed the Sustainability Champions Charter, a key initiative of the Ministry of Economy and Planning.
