The Saudi Mobile Telecommunications Company (Zain Saudi Arabia) has released its financial performance report for the third quarter and the first nine months of 2024 through the Tadawul platform.
In the third quarter, Zain Saudi Arabia achieved a net profit—after deducting zakat and taxes—of 150 million riyals, marking an impressive increase of 114.3% compared to the same period last year, when the company reported a net profit of 70 million riyals.
However, during the nine-month period ending in September, the company’s net profits experienced a decline of 75.6%, totaling 322 million riyals. This figure is significantly lower than the previous year’s profit, which exceeded one billion riyals, amounting to 1.321 billion riyals.
The increase in total profits by 232 million riyals contributed to Zain Saudi Arabia’s strong quarterly performance. However, operating expenses also rose by 33 million riyals (5%), and expected credit loss expenses increased by 180 million riyals due to the allocation of additional provisions for receivables from individuals and businesses.
In today’s trading on the Saudi stock exchange, Zain Saudi Arabia’s stock (TADAWUL: 7030) rose approximately 0.74%, trading at 10.84 riyals.
