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  • 30-01-22

    Saudi telecom company, Zain registers 17.7 percent drop in profits over COVID worries

    (MENAFN) Saudi telecom company Zain KSA has registered a 17.7 percent drop in net profit in last year as coronavirus pushed consequences had its effect on profits. Based on a filing to Saudi Exchange, Tadawul, net profit plummeted to SR214 million (USD57 million) on a yearly basis.

    According to the homegrown company bourse statement, the decrease was because of a 22 percent increase in profit price, causing an increasing 10.3 percent drop in gross profit.

    It also added that profits nearly stayed at the same value, overburdened by the coronavirus restrictive Umrah trips, but rewarded by an increase in business to business and 5G network profits.

    With that being said, the company succeeded to reduce operating expenditures by SR247 million (USD65.83) and limit finance costs by SR409 million (about USD109.0), maintained by debt restructuring.

    MENAFN30012022000045013568ID1103613348

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