Zain KSA Q1 2023 net profit soars to SAR 563 mln

09/05/2023 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) reported a surge in Q1 2023 net profit to SAR 563 million, from SAR 80.5 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	2,178.58	2,422.16	11.2 %
Gross Income	1,235.91	1,414.84	14.5 %
Operating Income	201.13	191.17	(5.0 %)
Net Income	80.52	1,137.22	1312.4 %
Average Shares	898.73	898.73	-
EPS (Riyals)	0.09	1.27	1312.4 %

Item	Q4 2022	Q1 2023	Change‬
Revenues	2,403.87	2,422.16	0.8 %
Gross Income	1,452.31	1,414.84	(2.6 %)
Operating Income	379.43	191.17	(49.6 %)
Net Income	250.18	1,137.22	354.6 %
Average Shares	898.73	898.73	-
EPS (Riyals)	0.28	1.27	354.6 %

The telco posted an increase of 11% or SAR 244 million year-on-year (YoY) in net revenue, driven by the growth in B2B, 5G, and Tamam.

Zain KSA recognized a net gain of SAR 532 million on the sale and leaseback of 3,600 towers to GLI in Q1 2023, excluding any related increase in Zakat.

On the other hand, the cost of revenue rose 6.9% YoY. However, gross profit grew by 14.5% or SAR 179 million.

Operating expenses (OpEx) rose by SAR 195 million, while the amortization and depreciation fell by SAR 16 million. In addition, the finance costs increased by SAR 50 million due to the increase in SAIBOR and LIBOR.

Compared to Q4 2022, net profit more than doubled from SAR 250.17 million.

Shareholders' equity, no minority interest, amounted to SAR 10.35 billion as of March 31, 2023, compared to SAR 9.23 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	1,545.77	(10.1 %)	798.66	2.9 %	(127.18)	45.4 %
Q2 2014	1,567.13	(8.2 %)	797.05	(4.1 %)	(135.83)	34.1 %
Q3 2014	1,553.00	(1.3 %)	810.67	6.5 %	(218.60)	8.5 %
Q4 2014	1,556.46	2.2 %	816.27	6.4 %	(187.47)	30.9 %
2014	6,170.27	(5.4 %)	3,222.65	2.8 %	(669.09)	29.5 %
Q1 2015	1,656.79	7.2 %	874.43	9.5 %	(59.05)	53.6 %
Q2 2015	1,648.83	5.2 %	949.40	19.1 %	0.94	100.7 %
Q3 2015	1,763.73	13.6 %	1,062.18	31.0 %	(0.89)	99.6 %
Q4 2015	1,672.03	7.4 %	1,065.09	30.5 %	(82.42)	56.0 %
2015	6,741.38	9.3 %	3,951.10	22.6 %	(141.42)	78.9 %
Q1 2016	1,764.88	6.5 %	1,085.55	24.1 %	(32.03)	45.8 %
Q2 2016	1,727.40	4.8 %	1,112.80	17.2 %	(108.29)	(11620.3 %)
Q3 2016	1,633.76	(7.4 %)	1,060.63	(0.1 %)	(1.97)	(120.0 %)
Q4 2016	1,800.61	7.7 %	1,141.69	7.2 %	87.85	206.6 %
2016	6,926.65	2.7 %	4,400.67	11.4 %	(54.43)	61.5 %
Q1 2017	1,919.05	8.7 %	1,290.99	18.9 %	272.70	951.5 %
Q2 2017	1,864.57	7.9 %	1,258.55	13.1 %	235.01	317.0 %
Q3 2017	1,806.56	10.6 %	1,230.87	16.1 %	228.95	11739.3 %
Q4 2017	1,715.65	(4.7 %)	1,132.61	(0.8 %)	166.58	89.6 %
2017	7,305.82	5.5 %	4,913.02	11.6 %	903.24	1759.4 %
Q1 2018	1,685.97	(12.1 %)	1,117.37	(13.4 %)	180.33	(33.9 %)
Q2 2018	1,846.43	(1.0 %)	1,161.96	(7.7 %)	211.14	(10.2 %)
Q3 2018	1,951.88	8.0 %	1,320.57	7.3 %	307.34	34.2 %
Q4 2018	2,046.24	19.3 %	1,824.66	61.1 %	674.60	305.0 %
2018	7,530.53	3.1 %	5,424.56	10.4 %	1,373.41	52.1 %
Q1 2019	2,093.49	24.2 %	1,480.38	32.5 %	431.78	139.4 %
Q2 2019	2,056.76	11.4 %	1,523.73	31.1 %	446.05	111.3 %
Q3 2019	2,008.08	2.9 %	1,495.03	13.2 %	450.21	46.5 %
Q4 2019	2,227.90	8.9 %	1,469.37	(19.5 %)	430.27	(36.2 %)
2019	8,386.23	11.4 %	5,968.51	10.0 %	1,758.30	28.0 %
Q1 2020	2,038.87	(2.6 %)	1,473.43	(0.5 %)	356.71	(17.4 %)
Q2 2020	1,889.22	(8.1 %)	1,354.69	(11.1 %)	296.67	(33.5 %)
Q3 2020	1,927.59	(4.0 %)	1,265.93	(15.3 %)	138.27	(69.3 %)
Q4 2020	2,060.88	(7.5 %)	1,350.59	(8.1 %)	210.32	(51.1 %)
2020	7,916.55	(5.6 %)	5,444.64	(8.8 %)	1,001.96	(43.0 %)
Q1 2021	1,937.51	(5.0 %)	1,215.51	(17.5 %)	158.08	(55.7 %)
Q2 2021	1,895.86	0.4 %	1,258.86	(7.1 %)	159.35	(46.3 %)
Q3 2021	1,984.17	2.9 %	1,244.06	(1.7 %)	188.33	36.2 %
Q4 2021	2,083.10	1.1 %	1,166.17	(13.7 %)	192.98	(8.2 %)
2021	7,900.65	(0.2 %)	4,884.60	(10.3 %)	698.74	(30.3 %)
Q1 2022	2,178.58	12.4 %	1,235.91	1.7 %	201.13	27.2 %
Q2 2022	2,206.10	16.4 %	1,250.81	(0.6 %)	238.65	49.8 %
Q3 2022	2,286.62	15.2 %	1,376.35	10.6 %	246.48	30.9 %
Q4 2022	2,403.87	15.4 %	1,452.31	24.5 %	379.43	96.6 %
2022	9,075.17	14.9 %	5,315.37	8.8 %	1,065.70	52.5 %
Q1 2023	2,422.16	11.2 %	1,414.84	14.5 %	191.17	(5.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	6,522.59	5.7 %	3,134.86	9.6 %	(949.32)	(1.9 %)
2014	6,170.27	(5.4 %)	3,222.65	2.8 %	(669.09)	29.5 %
2015	6,741.38	9.3 %	3,951.10	22.6 %	(141.42)	78.9 %
2016	6,926.65	2.7 %	4,400.67	11.4 %	(54.43)	61.5 %
2017	7,305.82	5.5 %	4,913.02	11.6 %	903.24	1759.4 %
2018	7,530.53	3.1 %	5,424.56	10.4 %	1,373.41	52.1 %
2019	8,386.23	11.4 %	5,968.51	10.0 %	1,758.30	28.0 %
2020	7,916.55	(5.6 %)	5,444.64	(8.8 %)	1,001.96	(43.0 %)
2021	7,900.65	(0.2 %)	4,884.60	(10.3 %)	698.74	(30.3 %)
2022	9,075.17	14.9 %	5,315.37	8.8 %	1,065.70	52.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	(318.36)	20.0 %	(0.56)	-	(318.36)	(0.56)
Q2 2014	(328.94)	11.2 %	(0.57)	-	(328.94)	(0.57)
Q3 2014	(315.81)	25.0 %	(0.55)	85.00	(400.81)	(0.70)
Q4 2014	(306.46)	33.7 %	(0.53)	50.47	(356.92)	(0.62)
2014	(1269.57)	23.1 %	(2.21)	135.47	(1405.03)	(2.45)
Q1 2015	(256.72)	19.4 %	(0.45)	-	(256.72)	(0.45)
Q2 2015	(201.16)	38.8 %	(0.35)	-	(201.16)	(0.35)
Q3 2015	(222.95)	29.4 %	(0.39)	-	(222.95)	(0.39)
Q4 2015	(291.11)	5.0 %	(0.51)	-	(291.11)	(0.51)
2015	(971.95)	23.4 %	(1.70)	-	(971.95)	(1.70)
Q1 2016	(250.00)	2.6 %	(0.44)	-	(250.00)	(0.44)
Q2 2016	(328.30)	(63.2 %)	(0.57)	-	(328.30)	(0.57)
Q3 2016	(266.11)	(19.4 %)	(0.46)	-	(266.11)	(0.46)
Q4 2016	(134.13)	53.9 %	(0.23)	-	(134.13)	(0.23)
2016	(978.54)	(0.7 %)	(1.71)	-	(978.54)	(1.71)
Q1 2017	45.47	118.2 %	0.08	-	45.47	0.08
Q2 2017	7.69	102.3 %	0.01	-	7.69	0.01
Q3 2017	3.41	101.3 %	0.01	-	3.41	0.01
Q4 2017	(45.02)	66.4 %	(0.08)	-	(45.02)	(0.08)
2017	11.54	101.2 %	0.02	-	11.54	0.02
Q1 2018	(77.33)	(270.1 %)	(0.13)	-	(77.33)	(0.13)
Q2 2018	(37.57)	(588.4 %)	(0.07)	-	(37.57)	(0.07)
Q3 2018	48.01	1309.8 %	0.08	-	48.01	0.08
Q4 2018	399.26	986.8 %	0.70	-	399.26	0.70
2018	332.36	2780.3 %	0.58	-	332.36	0.58
Q1 2019	129.31	267.2 %	0.23	-	129.31	0.23
Q2 2019	130.20	446.5 %	0.23	-	130.20	0.23
Q3 2019	120.71	151.5 %	0.21	-	120.71	0.21
Q4 2019	104.96	(73.7 %)	0.18	-	104.96	0.18
2019	485.18	46.0 %	0.85	-	485.18	0.85
Q1 2020	105.22	(18.6 %)	0.18	-	105.22	0.18
Q2 2020	58.61	(55.0 %)	0.10	-	58.61	0.10
Q3 2020	60.17	(50.2 %)	0.10	136.26	(76.09)	(0.13)
Q4 2020	35.95	(65.8 %)	0.04	-	35.95	0.04
2020	259.95	(46.4 %)	0.29	136.26	123.69	0.14
Q1 2021	40.87	(61.2 %)	0.05	-	40.87	0.05
Q2 2021	41.65	(28.9 %)	0.05	-	41.65	0.05
Q3 2021	60.39	0.4 %	0.07	-	60.39	0.07
Q4 2021	71.40	98.6 %	0.08	-	71.40	0.08
2021	214.30	(17.6 %)	0.24	-	214.30	0.24
Q1 2022	80.52	97.0 %	0.09	-	80.52	0.09
Q2 2022	133.83	221.3 %	0.15	-	133.83	0.15
Q3 2022	85.15	41.0 %	0.09	-	85.15	0.09
Q4 2022	250.18	250.4 %	0.28	41.89	208.28	0.23
2022	549.67	156.5 %	0.61	41.89	507.77	0.56
Q1 2023	1,137.22	1312.4 %	1.27	1,143.75	(6.53)	(0.01)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	(1651.47)	5.6 %	(2.88)	-	(1651.47)	(2.88)
2014	(1269.57)	23.1 %	(2.21)	135.47	(1405.03)	(2.45)
2015	(971.95)	23.4 %	(1.70)	-	(971.95)	(1.70)
2016	(978.54)	(0.7 %)	(1.71)	-	(978.54)	(1.71)
2017	11.54	101.2 %	0.02	-	11.54	0.02
2018	332.36	2780.3 %	0.58	-	332.36	0.58
2019	485.18	46.0 %	0.85	-	485.18	0.85
2020	259.95	(46.4 %)	0.29	136.26	123.69	0.14
2021	214.30	(17.6 %)	0.24	-	214.30	0.24
2022	549.67	156.5 %	0.61	41.89	507.77	0.56

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	49.73 %	15.48 %	(24.76 %)
Q2 2014	50.30 %	15.95 %	(24.65 %)
Q3 2014	51.27 %	15.29 %	(24.40 %)
Q4 2014	51.79 %	15.50 %	(22.58 %)
2014	52.23 %	15.63 %	(22.77 %)
Q1 2015	52.08 %	15.99 %	(21.21 %)
Q2 2015	53.79 %	18.43 %	(18.95 %)
Q3 2015	55.88 %	21.85 %	(15.66 %)
Q4 2015	58.61 %	24.16 %	(14.42 %)
2015	58.61 %	24.16 %	(14.42 %)
Q1 2016	60.77 %	25.19 %	(14.09 %)
Q2 2016	62.44 %	24.01 %	(15.77 %)
Q3 2016	63.61 %	25.15 %	(16.70 %)
Q4 2016	63.53 %	25.92 %	(14.13 %)
2016	63.53 %	25.92 %	(14.13 %)
Q1 2017	65.05 %	28.46 %	(9.65 %)
Q2 2017	65.83 %	31.52 %	(4.81 %)
Q3 2017	66.60 %	32.71 %	(1.05 %)
Q4 2017	67.25 %	34.45 %	0.16 %
2017	67.25 %	34.45 %	0.16 %
Q1 2018	67.01 %	34.79 %	(1.57 %)
Q2 2018	65.81 %	35.09 %	(2.22 %)
Q3 2018	65.73 %	36.27 %	(1.55 %)
Q4 2018	72.03 %	42.01 %	4.41 %
2018	72.03 %	42.01 %	4.41 %
Q1 2019	72.91 %	44.85 %	6.79 %
Q2 2019	75.47 %	48.22 %	8.67 %
Q3 2019	77.08 %	51.02 %	9.50 %
Q4 2019	71.17 %	48.53 %	5.79 %
2019	71.17 %	48.53 %	5.79 %
Q1 2020	71.55 %	48.06 %	5.53 %
Q2 2020	70.95 %	47.63 %	4.77 %
Q3 2020	68.82 %	44.93 %	2.38 %
Q4 2020	68.78 %	43.47 %	1.56 %
2020	68.78 %	43.47 %	1.56 %
Q1 2021	66.37 %	41.43 %	0.76 %
Q2 2021	65.09 %	39.66 %	0.54 %
Q3 2021	64.34 %	39.87 %	2.27 %
Q4 2021	61.83 %	39.60 %	2.71 %
2021	61.83 %	39.60 %	2.71 %
Q1 2022	60.25 %	38.27 %	3.12 %
Q2 2022	57.94 %	36.88 %	4.10 %
Q3 2022	57.45 %	34.97 %	4.24 %
Q4 2022	58.57 %	34.76 %	5.60 %
2022	58.57 %	34.76 %	5.60 %
Q1 2023	58.96 %	33.60 %	4.51 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	48.06 %	13.65 %	(25.32 %)
2014	52.23 %	15.63 %	(22.77 %)
2015	58.61 %	24.16 %	(14.42 %)
2016	63.53 %	25.92 %	(14.13 %)
2017	67.25 %	34.45 %	0.16 %
2018	72.03 %	42.01 %	4.41 %
2019	71.17 %	48.53 %	5.79 %
2020	68.78 %	43.47 %	1.56 %
2021	61.83 %	39.60 %	2.71 %
2022	58.57 %	34.76 %	5.60 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	51.67 %	19.38 %	(20.60 %)
Q2 2014	50.86 %	16.90 %	(20.99 %)
Q3 2014	52.20 %	11.31 %	(25.81 %)
Q4 2014	52.44 %	14.40 %	(22.93 %)
Q1 2015	52.78 %	21.00 %	(15.50 %)
Q2 2015	57.58 %	26.36 %	(12.20 %)
Q3 2015	60.22 %	25.02 %	(12.64 %)
Q4 2015	63.70 %	24.21 %	(17.41 %)
Q1 2016	61.51 %	25.20 %	(14.17 %)
Q2 2016	64.42 %	21.54 %	(19.01 %)
Q3 2016	64.92 %	29.85 %	(16.29 %)
Q4 2016	63.41 %	27.25 %	(7.45 %)
Q1 2017	67.27 %	34.63 %	2.37 %
Q2 2017	67.50 %	33.89 %	0.41 %
Q3 2017	68.13 %	34.90 %	0.19 %
Q4 2017	66.02 %	34.40 %	(2.62 %)
Q1 2018	66.27 %	36.05 %	(4.59 %)
Q2 2018	62.93 %	35.05 %	(2.03 %)
Q3 2018	67.66 %	39.28 %	2.46 %
Q4 2018	89.17 %	55.80 %	19.51 %
Q1 2019	70.71 %	47.97 %	6.18 %
Q2 2019	74.08 %	49.41 %	6.33 %
Q3 2019	74.45 %	50.97 %	6.01 %
Q4 2019	65.95 %	46.04 %	4.71 %
Q1 2020	72.27 %	46.04 %	5.16 %
Q2 2020	71.71 %	47.68 %	3.10 %
Q3 2020	65.67 %	39.78 %	(3.95 %)
Q4 2020	65.53 %	40.51 %	1.74 %
Q1 2021	62.74 %	37.96 %	2.11 %
Q2 2021	66.40 %	40.36 %	2.20 %
Q3 2021	62.70 %	40.61 %	3.04 %
Q4 2021	55.98 %	39.45 %	3.43 %
Q1 2022	56.73 %	33.18 %	3.70 %
Q2 2022	56.70 %	34.76 %	6.07 %
Q3 2022	60.19 %	32.78 %	3.72 %
Q4 2022	60.42 %	38.09 %	8.66 %
Q1 2023	58.41 %	28.88 %	(0.27 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	573.22	(2.74)	(2.74)	11.22
Q2 2014	573.22	(2.67)	(2.67)	10.60
Q3 2014	573.22	(2.49)	(2.63)	10.10
Q4 2014	573.22	(2.21)	(2.45)	9.53
Q1 2015	573.22	(2.11)	(2.34)	9.04
Q2 2015	573.22	(1.88)	(2.12)	8.71
Q3 2015	573.22	(1.72)	(1.81)	8.31
Q4 2015	573.22	(1.70)	(1.70)	7.94
Q1 2016	573.22	(1.68)	(1.68)	7.45
Q2 2016	573.22	(1.91)	(1.91)	6.88
Q3 2016	573.22	(1.98)	(1.98)	6.42
Q4 2016	573.22	(1.71)	(1.71)	6.21
Q1 2017	573.22	(1.19)	(1.19)	6.28
Q2 2017	573.22	(0.61)	(0.61)	6.29
Q3 2017	573.22	(0.14)	(0.14)	6.30
Q4 2017	573.22	0.02	0.02	6.22
Q1 2018	573.22	(0.19)	(0.19)	6.31
Q2 2018	573.22	(0.27)	(0.27)	6.22
Q3 2018	573.22	(0.20)	(0.20)	6.33
Q4 2018	573.22	0.58	0.58	7.00
Q1 2019	573.22	0.94	0.94	6.60
Q2 2019	573.22	1.23	1.23	6.75
Q3 2019	573.22	1.36	1.36	6.92
Q4 2019	573.22	0.85	0.85	7.16
Q1 2020	573.22	0.80	0.80	7.22
Q2 2020	573.22	0.68	0.68	7.31
Q3 2020	573.22	0.57	0.34	7.40
Q4 2020	898.73	0.29	0.14	9.71
Q1 2021	898.73	0.22	0.07	9.79
Q2 2021	898.73	0.20	0.05	9.83
Q3 2021	898.73	0.20	0.20	9.93
Q4 2021	898.73	0.24	0.24	10.06
Q1 2022	898.73	0.28	0.28	10.28
Q2 2022	898.73	0.39	0.39	10.48
Q3 2022	898.73	0.41	0.41	10.63
Q4 2022	898.73	0.61	0.56	10.91
Q1 2023	898.73	1.79	0.47	12.17

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	573.22	(2.88)	(2.88)	11.79
2014	573.22	(2.21)	(2.45)	9.53
2015	573.22	(1.70)	(1.70)	7.94
2016	573.22	(1.71)	(1.71)	6.21
2017	573.22	0.02	0.02	6.22
2018	573.22	0.58	0.58	7.00
2019	573.22	0.85	0.85	7.16
2020	898.73	0.29	0.14	9.71
2021	898.73	0.24	0.24	10.06
2022	898.73	0.61	0.56	10.91

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	NEG	NEG	2.73
Q2 2014	NEG	NEG	2.76
Q3 2014	NEG	NEG	3.12
Q4 2014	NEG	NEG	2.00
Q1 2015	NEG	NEG	1.90
Q2 2015	NEG	NEG	2.09
Q3 2015	NEG	NEG	1.75
Q4 2015	NEG	NEG	1.68
Q1 2016	NEG	NEG	1.87
Q2 2016	NEG	NEG	1.82
Q3 2016	NEG	NEG	1.67
Q4 2016	NEG	NEG	2.13
Q1 2017	NEG	NEG	2.25
Q2 2017	NEG	NEG	2.34
Q3 2017	NEG	NEG	2.22
Q4 2017	More than 100	More than 100	1.88
Q1 2018	NEG	NEG	1.81
Q2 2018	NEG	NEG	1.71
Q3 2018	NEG	NEG	1.57
Q4 2018	22.77	22.77	1.89
Q1 2019	18.68	18.68	2.66
Q2 2019	16.19	16.19	2.96
Q3 2019	14.07	14.07	2.76
Q4 2019	22.14	22.14	2.62
Q1 2020	18.84	18.84	2.10
Q2 2020	26.64	26.64	2.48
Q3 2020	37.72	64.40	2.92
Q4 2020	47.02	98.82	1.40
Q1 2021	68.93	More than 100	1.53
Q2 2021	73.15	More than 100	1.48
Q3 2021	70.35	70.35	1.41
Q4 2021	50.49	50.49	1.20
Q1 2022	47.14	47.14	1.30
Q2 2022	29.18	29.18	1.07
Q3 2022	27.77	27.77	1.08
Q4 2022	16.45	17.81	0.92
Q1 2023	7.27	27.77	1.07

Period	P/E	Adjusted P/E	Price/book
2013	NEG	NEG	2.33
2014	NEG	NEG	2.00
2015	NEG	NEG	1.68
2016	NEG	NEG	2.13
2017	More than 100	More than 100	1.88
2018	22.77	22.77	1.89
2019	22.14	22.14	2.62
2020	47.02	98.82	1.40
2021	50.49	50.49	1.20
2022	16.45	17.81	0.92

Business Segments (Million)

Compared With The

Period	Mobile Telecommunications Company	Zain Sales	Zain Payments	Zain Drones	Eliminations
Q1 2018	1,685.97	-	-	-	-
Q2 2018	1,846.43	-	-	-	-
Q3 2018	1,951.89	-	-	-	-
Q4 2018	2,046.24	-	-	-	-
Q1 2019	2,016.32	679.91	-	-	(602.74)
Q2 2019	1,978.29	670.22	-	-	(591.75)
Q3 2019	1,923.51	682.16	-	-	(597.59)
Q4 2019	2,166.58	842.50	0.02	-	(781.19)
Q1 2020	1,949.70	599.58	0.02	-	(510.44)
Q2 2020	1,848.49	520.83	0.08	-	(480.18)
Q3 2020	1,857.34	627.02	0.12	-	(556.90)
Q4 2020	1,985.05	612.51	0.51	-	(537.19)
Q1 2021	1,898.99	483.70	1.99	-	(447.17)
Q2 2021	1,861.58	409.30	2.15	-	(377.17)
Q3 2021	1,946.62	510.56	4.34	-	(477.34)
Q4 2021	2,050.20	452.99	7.13	1.25	(428.47)
Q1 2022	2,134.13	394.10	10.43	-	(360.07)
Q2 2022	2,140.45	494.49	23.33	-	(452.17)
Q3 2022	2,211.37	351.65	39.93	-	(316.33)
Q4 2022	2,311.89	385.36	53.21	1.12	(347.71)
Q1 2023	2,318.24	349.84	67.42	0.03	(313.37)

Period	Mobile Telecommunications Company	Zain Sales	Zain Payments	Zain Drones	Eliminations
2018	7,530.53	-	-	-	-
2019	8,084.68	2,874.79	0.02	-	(2573.27)
2020	7,640.57	2,359.95	0.73	-	(2084.71)
2021	7,757.39	1,856.54	15.62	1.25	(1730.16)
2022	8,797.84	1,625.60	126.90	1.12	(1476.28)

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	206.68	1,137.22	450.23 %

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
Riyad Capital	446.00	1,137.22	155.0 %
SNB Capital	203.00	1,137.22	460.2 %
Al Rajhi Capital	139.00	1,137.22	718.1 %
U-Capital	132.00	1,137.22	761.5 %
AlJazira Capital	113.40	1,137.22	902.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	9,364.77
Enterprise Value (EV) (M)	16,691.90
Shares Outstanding ((M))	898.73
EPS ( Riyal) (TTM)	0.30
Book Value (BV) ( Riyal)	11.62
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	34.95
Price/book	0.90
Return on Average Assets (%) (TTM)	1.0
Return on Average Equity (%) (TTM)	2.6

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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Zain KSA Q1 2023 net profit soars to SAR 563 mln

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Profit Performance (Million)

Profitability

Profitability

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Per Share Data (Riyal)

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Revenue by Business Segment (Latest) 2023 Q1

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Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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Zain KSA Q1 2023 net profit soars to SAR 563 mln

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Mobile Telecommunication Company Saudi Arabia (ZAIN KSA)

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Business Segments (Million)