Zain Group, a leading provider of ICT technologies and digital communication services across eight Middle Eastern and African markets, has achieved record revenue of KD2 billion ($6.4 billion) for FY2024, marking a 3% year-over-year increase and the highest in 15 years. The company reported a net income of KD208 million ($677 million), reflecting a normalized net income growth of 15% when adjusted for certain transactions in 2023 and 2024.
For the full year, Zain’s consolidated EBITDA reached KD689 million ($2.25 billion), with a 2% normalized growth, yielding an EBITDA margin of 35%. Earnings per share for the year stood at 48 fils ($0.16). In Q4 2024, Zain generated KD526 million ($1.7 billion) in revenue, up 7% YoY, with EBITDA for the quarter reaching KD184 million ($599 million), maintaining a 35% EBITDA margin. The normalized net income for the quarter increased by 120%, reaching KD72 million ($235 million), with earnings per share of 17 fils ($0.05).
Zain’s key markets saw positive performance, with Kuwait leading the way, showing a 4% YoY revenue growth to KD373 million ($1.2 billion) and a 6% increase in EBITDA, reflecting an EBITDA margin of 37%. Saudi Arabia reported a record-high revenue of $2.8 billion, up 5% YoY, with EBITDA reaching $886 million and a 32% EBITDA margin. Bahrain’s revenue increased by 7%, while Iraq saw an 11% revenue growth, driven by strong network expansion and data segment growth.
The Zain Group Board of Directors has recommended a cash dividend of 25 fils per share for the second half of 2024, following a semi-annual dividend of 10 fils in Q4-2024, totaling 35 fils per share for the year. The payout ratio stands at 73%, one of the highest in the region.
Zain Group Chairman Osamah Al Furaih attributed the company’s success to a year of strong growth, despite socio-economic challenges, and emphasized the role of digital transformation, new business verticals, and ESG initiatives in future-proofing the company. Zain Vice-Chairman and Group CEO Bader Al Kharafi credited the company’s robust performance to the successful implementation of its 4SIGHT strategy, focusing on operational efficiency, 5G upgrades, and expansion into new enterprise sectors.
