Zain KSA posted improved financial results for the fourth quarter of 2014, ending Dec. 31, recording a significant 33 percent increase in EBITDA to reach SR275 million (73.3 million) up from SR206 million ($54.9 million) in Q4, 2013. Zain KSA’s EBITDA margin rose to 17 percent in Q4, 2014, up from 14 percent during the same period of 2013.

Net losses narrowed by 34 percent year-on-year during the quarter to SR306 million ($81.6 million), down from SR462 million ($ 123.2 million) a year earlier, and reflect a 23 percent drop in net loss for the year.

The company also recorded an increase in gross margin to reach 52 percent in 2014, up from 48 percent in 2013.

Mobile broadband service customers grew by 147 percent in the twelve-month period in 2014. Mobile Internet data traffic continues to increase significantly, attaining an incredible growth rate of 621 percent yoy for the full-year 2014, and 45 percent yoy increase in Q4, 2014.

Farhan bin Naif Alfaisal Aljarbaa, chairman of the board of directors of Zain KSA said: “All indicators show that the company is moving steadily toward improving its financial results, backed by the transformation plan implemented early last year.”

He added: “Many decisions were taken with the aim of improving the company’s position, including the board of directors’ recommendation to convene an extraordinary general meeting (EGM) to seek the approval for a reduction in the company's capital from SR10.80 billion ($2.880 billion) to SR5.84 billion ($1.557 billion), resulting in a reduction by 45.96 percent.”

Hassan Kabbani, Zain KSA CEO, commented: “We reported tangible growth on all fronts during 2014. We continue to conduct business in a transparent manner, even under difficult circumstances. Many new customers are using Zain to provide them with Internet services.”