Zain KSA 2022 results reflect qualitative shift in financial, operational performance: Chairman

Naif Al Kabeer, Chairman of Zain KSA

Mobile Telecommunication Company Saudi Arabia's (Zain KSA) 2022 financial results reflect the qualitative shift in its financial, operational, and developmental performance, as well as the ongoing impact of its strategy, said Chairman Naif Al Kabeer.

Commenting on 2022 financials, Al Kabeer said this was driven by enhancing customer experience, expanding in future technologies, as well as investing in parallel markets, while continuing to strengthen governance to ensure sustainable growth and earnings.

He further said the telecom operator managed to achieve these results thanks to the strength and prosperity of the national economy under the directives of the Kingdom's wise leadership and impact of Vision 2030.

On the other hand, CEO Sultan AlDeghaither said Zain KSA managed to achieve the targets of its commitment to implement the strategy it launched five years ago, which made 2022 a year of qualitative transformation in the telco's operations and profits.

He added that the company worked to provide the best experiences for users, as well as enhance the capabilities of the telecommunications and digital services sector in the Kingdom.

Zain KSA reported a net profit of SAR 550 million in 2022, a 157% jump from of SAR 214 million in 2021. Meanwhile, Q4 2022 net profit jumped to SAR 250.5 million, versus SAR 71.1 million in Q4 2021, according to data compiled by Argaam.

The board of directors recommended the distribution of a 5% cash dividend, or SAR 0.50 per share, for 2022.