Zain Saudi Arabia (Zain KSA) posted record financial results for the year ended Dec. 31, 2015, reaching (EBIT) breakeven in two consecutive quarters during the year.

The company’s revenues grew by 9 percent year on year (YoY), to reach SR6.74 billion for the year compared with SR6.17 billion in 2014.

Gross profit increased by 23 percent to reach a record SR3.95 billion for 2015 with a gross margin of 59 percent, up from SR3.22 billion and 52 percent gross margin in 2014.

The company recorded a significant 48 percent increase in EBITDA to reach SR1.63 billion during 2015, up from SR1.10 billion in 2014.

EBITDA margin rose from 18 percent to 24 percent during the respective periods.

Zain KSA recorded a 73 percent reduction in operating losses (EBIT), to reach SR141 million down from SR 534 million in 2014, while narrowing net losses for the year to reach SR971 million, a 23 percent improvement on SR1.27 billion during 2014.

Commenting on these results, Prince Naif bin Sultan bin Mohammed bin Saud Al-Kabeer, chairman of the board of directors of Zain KSA said: “In 2015 the company reported notable improvements in its financial performance in a very competitive market, thanks to the effective execution of the company’s transformation plan.”

The prince added: “The company continues to report net losses mainly due to the high amortization charges associated with its license and the cost of financing its debt.”

Hassan Kabbani, CEO of Zain KSA, said: “By all financial KPIs (key performance indicators), 2015 was a record-breaking year for Zain Saudi Arabia. For the first time since inception, the company broke even at an operating level (EBIT) during two quarters, indicating the success of our transformation plan, driven by our Winning through Caring strategy.”