Zain KSA posts SAR 686.8 mln profit in H1 2023; Q2 at SAR 124.2 mln

06/08/2023 Argaam Exclusive

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Mobile Telecommunication Company Saudi Arabia (Zain KSA) posted a net profit of SAR 686.8 million in H1 2023, from SAR 214.4 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	4,384.68	4,814.54	9.8 %
Gross Income	2,486.72	2,898.48	16.6 %
Operating Income	439.78	443.74	0.9 %
Net Income	214.35	1,251.41	483.8 %
Average Shares	898.73	898.73	-
EPS (Riyals)	0.24	1.39	483.8 %

The positive performance was driven by an increase of SAR 411 million in gross profit, mainly due to higher net revenue by SAR 430 million, or 9.81%, compared to the same period of 2022. This increase was due to the growth in business-to-business, 5G, digital products and Tamam.

The cost of revenue inched up by SAR 19 million, or 0.95%.

OPEX grew by SAR 380 million, mainly administrative costs by SAR 23 million and maintenance costs by SAR 220 million. On the other hand, expected credit loss expense increased by SAR 16 million.

Finance costs rose by SAR 86 million due to higher SAIBOR and LIBOR.

Finance income surged by SAR 36 million on the amounts placed as FDs with banks. Net gain on sale and leaseback of 3,600 towers to GLI in Q1 2023 of SAR 532 million, excluding any related increase in Zakat.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	2,206.10	2,392.38	8.4 %
Gross Income	1,250.81	1,483.64	18.6 %
Operating Income	238.65	252.58	5.8 %
Net Income	133.83	114.19	(14.7 %)
Average Shares	898.73	898.73	-
EPS (Riyals)	0.15	0.13	(14.7 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	2,422.16	2,392.38	(1.2 %)
Gross Income	1,414.84	1,483.64	4.9 %
Operating Income	191.17	252.58	32.1 %
Net Income	1,137.22	114.19	(90.0 %)
Average Shares	898.73	898.73	-
EPS (Riyals)	1.27	0.13	(90.0 %)

Net profit for Q2 2023 fell 7% to SAR 124.2 million from SAR 133.8 million a year earlier on higher gross profit driven by higher net revenue and lower cost of revenue. This is, in addition, to higher finance income. This came despite an increase in OPEX and finance costs.

Sequentially, net profit retreated 77.9% from SAR 562.67 million in Q4 2022.

Shareholders’ equity, no minority interest, stood at SAR 10.05 billion as of June 30, 2023, compared to SAR 9.41 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 %)
Q2 2023	2,392.38	8.4 %	1,483.64	18.6 %	252.58	5.8 %

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)
Q2 2023	114.19	(14.7 %)	0.13	(0.62)	114.81	0.13

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 %
Q2 2023	60.25 %	33.23 %	4.23 %

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 %)
Q2 2023	62.02 %	33.20 %	4.80 %

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
Q2 2023	898.73	1.77	0.45	11.81

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
Q2 2023	8.02	31.68	1.20

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)
Q2 2023	2,289.60	323.79	72.33	(0.28)	(293.06)

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	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	130.32	114.19	(12.4 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Al Rajhi Capital	120.00	114.19	(4.8) %
Goldman Sachs	143.80	114.19	(20.6) %
SNB Capital	90.10	114.19	26.7 %
Hermes	90.00	114.19	26.9 %
AlJazira Capital	89.00	114.19	28.3 %
Bank of America	84.00	114.19	35.9 %
HSBC	84.00	114.19	35.9 %
Arqaam Capital	181.00	114.19	(36.9) %
Riyad Capital	291.00	114.19	(60.8) %

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 posts SAR 686.8 mln profit in H1 2023; Q2 at SAR 124.2 mln

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Financials (M)

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)

Revenue by Business Segment (Latest) 2023 Q2

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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Zain KSA posts SAR 686.8 mln profit in H1 2023; Q2 at SAR 124.2 mln

View other reports

Financials (M)

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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

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)