Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Zain Saudi Arabia reported a net profit of 150 million riyals for Q3 2024, a 114.3% increase from the previous year. However, net profits for the first nine months declined by 75.6% to 322 million riyals. The company also faced rising operating and credit loss expenses.
Arabian Internet and Communications Services Company (solutions) reported SAR 1.27 billion in revenues for the first nine months of 2024, a 23.30% increase year-on-year. Q3 net profits surged 19.63% to SAR 463 million, although revenues slightly declined to SAR 2.75 billion compared to the previous year.
The PTCL Group, Pakistan’s largest telecom conglomerate, is facing significant financial challenges despite reporting a 15.3% increase in revenue to Rs160.6 billion for the first nine months of 2024. The company posted a net loss of Rs15.3 billion, highlighting ongoing operational struggles.
Grameenphone experienced a modest profit growth of 1.0% in Q3 2024, reaching Tk 7.55 billion, despite challenges from rising operational expenses and political unrest. Revenue fell 3.8% to Tk 39.5 billion due to internet shutdowns, but nine-month profits grew 8.60% to Tk 29.55 billion.
stc has reported strong financial results for the first nine months of 2024, with revenues reaching KD 261.8 million, driven by consumer sector growth. The company continues to lead in digital transformation and innovation within Kuwait’s telecommunications market.
du achieved a 49.7% rise in net profits for the first nine months of 2024, marking a significant year with robust revenue growth and operational efficiency.
Telecom Egypt has clinched an EGP 18 billion syndicated loan led by 13 banks to refine its financial structure and support expansion. This strategic financial maneuver is set to enhance the company’s liquidity and align its long-term growth strategies with improved financial management practices.
Ooredoo Kuwait announces an 8% revenue growth to KD527 million and a 5% customer base increase for the first nine months of 2024. Despite a drop in net profit due to a previous regulatory case, the company continues to see profitability improvements and advancements in digital transformation.
Orange’s innovative Max-It multi-service digital platform contributes to the positive results, attracting a growing user base.
PTCL Group’s revenue increased by 15.3% year-on-year, reaching Rs160.6 billion for Q3 2024.