Zain Saudi reports first quarterly profit, beats forecasts
Company, 37% owned by Kuwait’s Zain, made a net profit of $12m in the three months to December 31
Dubai: Telecom operator Zain Saudi reported its first quarterly profit since launching in 2008, beating analysts’ forecasts. Zain Saudi, 37-per cent owned by Kuwait’s Zain, made a net profit of 45 million riyals (Dh44.06 million, $12 million) in the three months to December 31, it said in a statement. This compares with a net loss of 250 million riyals in the prior-year period. Three analysts polled by Reuters had on average forecast Zain Saudi would make a quarterly net loss of 104 million riyals. The company attributed the profit to a drop in expenses as a result of the extension of its licence by an another 15 years, a rise in revenues and a drop in costs due to the cut in mobile termination rates in April 2016. Distribution expenses also fell, it added.
