Zain Group, a leading telecom company in the region, announced that its Saudi unit delivered robust results for FY 2024, achieving an all-time high revenue of SAR10.4 billion ($2.8 billion), a 5% increase from SAR9.9 billion ($2.6 billion) in 2023.
For the 12-month period ending December 31, 2024, Zain Saudi’s net profit stood at SAR596 million, compared to SAR1.26 billion in 2023, which included a one-off gain of SAR1.1 billion from the sale of 8,069 towers. Adjusting for this gain, the company’s normalized net profit grew by 354%. EBITDA reached SAR3.3 billion ($886 million), reflecting a 12% year-on-year growth.
With strong financial and operational performance, Zain KSA’s Board of Directors recommended a cash dividend of SAR 0.5 per share (5%) for 2024. The results highlight Zain KSA’s operational strategy, which prioritizes delivering an exceptional user experience over its advanced 5G network, positioning the company as the leading digital provider in Saudi Arabia.
The consumer and enterprise revenue segments continued to grow, with strong demand for Zain’s ‘Yaqoot’ all-digital service and notable returns in fintech, driven by ‘Tamam Finance.’
Bader Al Kharafi, Vice-Chairman of Zain Group and CEO of Zain Saudi Arabia, attributed the impressive growth to the company’s focus on operational efficiency, digital innovation, expansion of 5G services, and the successful provision of a top-tier mobile and data experience. He emphasized that Zain KSA’s investments in 5G network expansion and initiatives to develop Saudi nationals play a vital role in supporting the Kingdom’s Vision 2030.
Zain KSA’s collaboration with the Communications, Space & Technology Commission further underscores its commitment to contributing to Saudi Arabia’s ICT sector and the realization of Vision 2030 goals.
