Zain posts $ 2.4 bn revenue, $ 510 m net profit in H1

Zain Group, the pioneer in mobile telecommunications in eight markets across the Middle East and North Africa, has announced its consolidated financial results for the half-year ended June 30, 2012.
The results reflected a stable performance year-on-year in the face of a challenging industry and global economic environments.
For the first half of 2012, Zain Group generated consolidated revenues of $ 2.384 billion, reflecting around 1 percent increase over the same period of H1, 2011. The net income witnessed an increase of 1 percent year-on-year to reach $ 509.6 million.
The group’s consolidated EBITDA reached $ 1.074 billion up 2 percent over the same period of last year, and reflected an EBITDA margin of 45.1 percent (up 0.6 pp). The earnings per share reached 36 $ 0.13.
Year-on-year customer growth across all Zain operations was almost 5 percent, with the group serving 41.4 million active customers as of June 30, 2012.
Asaad Al-Banwan, chairman of the Board of Directors of Zain Group, said: “The group’s consolidated revenues for H1-2012 grew around 1 percent as compared to the same period in 2011, which is a positive outcome given the challenging environment in the sector. The increase in consolidated revenues to $ 2.384 billion, up around 1 percent year-on-year, highlights Zain’s ability to sustain a high level of performance despite substantial competitive pressures and currency fluctuations in many of the markets in which it operates.” Zain Group CEO Nabeel bin Salamah said: “Zain continues to be a pioneer in the markets in which it operates despite competitive, economic, and political pressures in many of our countries of operation. We are facing these challenges head-on, having reduced our funding costs, as well as continuing with our policy to actively reduce administrative and operational expenses.”