Zain has announced revenue of $4.71 billion for the first nine months of 2024, marking a 2% increase. The company achieved an EBITDA of $1.65 billion, with a 35% EBITDA margin. In Q3 2024 alone, Zain posted revenue of $1.64 billion, a 4% year-over-year rise, with EBITDA reaching $589 million at a 36% margin.
Data revenue for 9M 2024 increased by 1% to $1.8 billion, accounting for 38% of total revenue. Zain also invested $340 million in capital expenditures (Capex), primarily in fiber-to-the-home (FTTH) expansion, spectrum acquisitions, and 4G and 5G upgrades.
Zain’s fintech services, including Taman and Zain Cash, grew by 13% in revenue during 9M 2024. Digital services, led by the Dizlee API platform, saw customer growth through new gaming and streaming options. Digital brands Yaqoot in Saudi Arabia and oodi in Iraq reported impressive revenue growth of 21% and 120%, respectively, over the nine-month period.
Zain Vice-Chairman and Group CEO Bader Al-Kharafi credited the company’s “4Sight” strategy, implemented five years ago, for driving this profitability-focused growth. The 4Sight strategy enabled Zain to explore new business verticals in ICT, fintech, venture capital, digital services, esports, towers, and wholesale, maximizing new market opportunities.
Regional Performance Highlights
- Zain Kuwait: With a customer base of 2.6 million, Zain Kuwait’s revenue for Q3 2024 increased by 4% to $308 million, supported by 5G upgrades and new digital services.
- Zain Saudi Arabia: Q3 2024 revenue rose 2% to $689 million, with the 5G network now covering 66% of the country. Data revenue increased by 4%, making up 40% of 9M-2024 revenue. The customer base reached 9 million, a 1% rise.
- Zain Iraq: Revenue for Q3 2024 grew by 10% to $285 million. Data revenue for 9M 2024 rose 27%, representing 38% of total revenue. The customer base expanded by 8% to 19.5 million.
- Zain Sudan: Q3 2024 revenue declined by 18% to $58 million, with a customer base of 8.7 million.
- Zain Jordan: Revenue for Q3 2024 rose 6% to $142 million, with 9M 2024 data revenue growing by 7%, representing 51% of total revenue. The company has 4.3 million customers, an increase of 7%.
- Zain Bahrain: Revenue grew by 13% in Q3 2024 to $50 million. Data revenue for 9M 2024 increased by 6%, making up 46% of total revenue.
Through continuous investments in digital infrastructure, Zain is strengthening its position as a key enabler of digital transformation across its operating regions, providing innovative services for consumers, enterprises, and governments alike.
