Zain KSA Q3 revenues hit lifetime high: CEO

Sultan Al Deghaither, CEO of Zain KSA

Mobile Telecommunication Company Saudi Arabia's (Zain KSA) Q3 2023 results reflect continued growth in revenues and earnings, as the telco recorded the highest quarterly revenues since its launch, said CEO Sultan AlDeghaither.

Commenting on the third-quarter financials, the top executive said they mirror the strength of the company's operational and financial strategy that is based on innovation and investments directed towards maximizing the technical, economic, and social impact, which enhances the integrated 5G system, especially at the business segment level.

The telecom operator was keen to implement operational and financial efficiency and to sustain innovation, AlDeghaither said. 

He stressed that the company continues to keep pace with robust growth in its advanced services and solutions at the level of both the individual and business segments through integrating innovation with sustainability and investment to provide the best digital experiences in the communications, fintech, digital entertainment, and computing cloud.

The third-quarter financials indicate the continued growth in all the telco's businesses, specifically the business segment, which has witnessed a high demand for the services and solutions the company provides in cloud computing, Internet of Things, and artificial intelligence.  

The Q3 results also reflect the growth in revenues from 5G services and solutions, as well as the strong growth in individual services and the high demand for Yaqoot digital services and microfinance solutions through Tamam Finance Co., Zain KSA's fintech arm. 

Zain KSA reported a net profit of SAR 971 million for the first nine months of 2023, compared to SAR 299 million a year earlier. Q3 2023 net earnings more than tripled year-on-year to SAR 285 million compared to SAR 85 million, according to data available with Argaam.