Zain KSA suffers SR 443 m loss in Q4

Updated 22 January 2013
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Zain KSA suffers SR 443 m loss in Q4

Mobile Telecommunications Company Saudi Arabia (Zain KSA) has reported a net loss of SR 443 million for the fourth quarter ended Dec. 31, 2012, compared to SR 461 million for the same quarter in the previous year, which represents a decrease in net loss of 4 percent, and compared to a net loss of SR 493 million for the previous quarter, which represents a decrease in net loss of 10 percent.
Gross profit amounted to SR 739 million compared to SR 691 million for the same quarter last year, which represents an increase of 7 percent, according to a company’s statement on Tadawul website.
Loss from operations amounted to SR 262 million, compared to SR 213 million for the same quarter last year, which represents an increase in operating loss of 23 percent.
Net loss during the twelve-month period amounted to SR 1.75 billion, compared to SR 1.95 billion for the same period last year, which represents a decrease in net loss of 9 percent.
Loss per share during the twelve-month amounted to SR 1.34 compared to SR 1.22 for the same period last year.
Gross profit during the twelve-month period amounted to SR 2.86 billion compared to SR 3.20 billion for the same period last year, which represents a decrease of 11 percent.
Loss from operations during the twelve-month period amounted to SR 932 million, compared to SR 811 million for the same period last year, which represents an increase in loss from operations of 15 percent.
The principal reason for the decrease in the net loss by 4 percent during the fourth quarter ended Dec. 31, 2012 compared to the same quarter last year was the decrease in financial charges.
Net loss during the twelve-month period ended Dec. 31, 2012 decreased by 9 percent to reach SR 1.75 billion, compared to SR 1.93 billion during the same period last year. This was mainly attributable to the decrease in financial charges by 26 percent reaching SR 823 million, compared to SR 1.11 billion during the corresponding period last year.


World Cup football fakes keep Dubai’s ‘Dolce & Karama’ traders busy

Updated 10 min 50 sec ago
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World Cup football fakes keep Dubai’s ‘Dolce & Karama’ traders busy

  • Dubai's “Dolce and Karama” is the emirate's copycat capital
  • Neymar Jr shirts are proving especially popular with local shoppers

DUBAI: Tucked away in an old residential district and far from Dubai’s glitzy air-conditioned malls, the Karama area of the city is doing a roaring trade in selling World Cup football shirts.

But if you’re looking for the genuine article, you may have come to the wrong place.

Karama is Dubai's copycat capital where the knockoff imitations of the world's most famous fashion brands are sold for a fraction of the genuine price.

Known to some locals jokingly by the epithet “Dolce and Karama,” a play on the Dolce & Gabbana Italian fashion house, this is a place where if you have to ask the price, you probably can afford it.

With three weeks to go until football’s new world champions are crowned, the world’s biggest sporting tournament is keeping the tills chiming on the street that has become notorious for selling everything from fake Luis Vuitton bags to knockoff Ray-Ban sunglasses.

However since the tournament kicked off just over a week ago, it’s been football not fashion, that has put a smile on the face of traders.

Retailing for a fraction of their high-street cost, the copycat shirts — especially those bearing the name of Brazilian superstar Neymar — are flying off the stalls less than week into the tournament, as UAE-based fans who want to don the colors of their favorite team or player, look for bargains.

Mohammad Ashraf has been trading in Dubai’s Karama Shopping Complex for 15 years.

At his store, Mina Fashion, Ashraf said the World Cup has brought a booming trade.

When asked how many shirts he would sell prior to the Fifa World Cup, he shrugged.

“Maybe one, two — maximum five a day,” he said.

But the Indian trader has quadrupled his business since last week’s kick-off.

“Now, we have been very busy,” he said. “We sell at least 20 pieces a day — maybe more,” he said.

His football shirts are a fraction of the cost of the genuine article on sale in Dubai malls where retailers are feeling the pressure from the growth of online rivals, the introduction of VAT and the strong dollar to which the UAE dirham is pegged — that is hitting tourist spending hard.

Karama football shirts sell for about 65 dirhams ($18) in adult size and 55 dirhams for children. But the real deal costs three or four times as much a few miles down the road in the Dubai Mall, the city’s biggest tourist draw.

In Karama, the football shirts of the Brazil, Argentina and Germany teams have been among the biggest sellers.

And the most popular player?

Ashraf said shirts bearing the name of Brazilian footballer Neymar da Sila Santos Junior have been flying off the shelves.

Abdulla Javid, runs Nujoom Al Maleb in the Karama shopping district — a shop selling a variety of knock-off sportswear — including World Cup shirts for men, youths and children.

“They are not real, not branded — branded ones are very expensive,” he said.

“We have shirts for Germany, for Argentina, for Portugal, for Sweden, for Brazil and for Belgium,” he said, pointing to racks of multi-colored football shirts.

Mens shirts retail for about 45 dirhams for adult sizes in his shop and 40 dirhams for youths. For young children, he sells shirts and shorts for a combined price of 30 dirhams.

The World Cup has also been a welcome boom for business.

“Before we sell maybe between five to 10 (shirts) a day,” he said. “Now, at least 20 to 30 pieces a day. It has been very busy. This time is a good time for us.”

Also at Karama Shopping Complex is Zico Sports.

Ahmed Jaber, a 53-year-old trader, said there are good deals to be found in at the shop he has worked in since the 1980s.

He sells football shirts that are both “branded” and “non-branded” — in other words the genuine article and cheaper knock-offs.

He said customers have been happy to shell out for the genuine football shirts for the adult sizes — which he sells for 379 dirhams, but for children, shoppers prefer to buy the fake football shirts, which he sells for about 30 dirhams.

The most popular shirts since the start of World Cup have been for Brazil, Argentina and France, he said, but his shops have an abundance of kit for all competing countries.

When he asked how the 2018 World Cup had been for business, he laughed.

“Not bad at all!,” he said.