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Zain KSA announces financial results for 2022

Zain KSA announced its financial results for 2022, achieving an all-time record revenue of SAR 9.1 billion for the full-year 2022, up from SAR 7.9 billion in 2021, a growth of 15%. The Company also achieved the highest profit to date, reporting a net profit of SAR 550 million, a remarkable 157% growth as compared to 2021. The Company also announced its Board of Directors’ recommendation to distribute cash dividends to Zain KSA shareholders for the year 2022 at the rate of 5% of the share nominal value.

Commenting on these results, Zain KSA Chairman of the Board, HH Prince Naif bin Sultan bin Mohammad Bin Saud Al Kabeer, said: “The 2022 financial results reflect the major shift in Zain KSA’s financial and operational performance and the growth it has achieved. The results also confirm the great impact of the Company’s strategy of enhancing the user experience, expanding its investment in future technologies, and investing in adjacent markets while continuing to enhance governance to ensure sustainable growth and profitability.”

HH Prince Naif, added: “Zain KSA was able to achieve these results, empowered by the great potential of Saudi Arabia’s thriving economy and guided by the astute national leadership and Saudi Vision 2030 which laid out the blueprint for achieving integrated digital transformation and transitioning into a smart, knowledge-based economy, empowering society, and improving quality of life by harnessing the unlimited potential of technology. As a leading Saudi company, we have succeeded in becoming a partner of choice for innovative telecommunications and digital services and in supporting our ambitious nation in light of the successive accomplishments the Kingdom has made in all fields by focusing on innovation, development, and smart investments.”

He continued, “We are grateful to announce that the Board of Directors has recommended distributing dividends to shareholders after the Company achieved the highest revenue and profit in its history. This milestone has been achieved through the efforts of Zain KSA family, including all employees and the executive management, who were able to grow the investments of our shareholders and create added value for our customers of all segments, enhancing and sustaining the Company’s profitability and growth.”

On his part, Zain KSA CEO, Eng. Sultan bin Abdulaziz Al-Deghaither stated: “In 2022, we succeeded in achieving the goals of our commitment to our strategy which we launched 5 years ago. This has made 2022 a year of great transformation on the operational and financial levels alike. We focused on providing the best user experiences, as well as enhancing the capabilities of the telecommunications and digital services sector in the Kingdom. There are many milestones that Zain KSA achieved over the past year, which contributed significantly to achieving these positive results. The first of these is the substantial expansion of the 5G user base, particularly in the business sector, through next-gen solutions and applications in the fields of Artificial Intelligence, virtual and augmented reality, the Internet of Things, cloud computing, and others. We launched the Kingdom’s first 5G Stand-Alone network and enhanced our cloud services and products portfolio through Zain Cloud, which obtained the highest cloud computing rating from the Communications, Space & Technology Commission, making it the preferred cloud services partner in the Kingdom. We have also enriched our users’ experiences through Yaqoot and its integrated digital packages. Additionally, Zain KSA brand value increased to more than SAR 3 billion, positioning the Company as one of the top 14 brands in the Kingdom, according to Brand Finance.”

He added: “In parallel, we continued to strengthen our presence in adjacent markets. Following our success in the Fintech sector, through Tamam Financing, we invested in digital entertainment through PLAYHERA MENA. We also strengthened our regional presence by expanding GeForce NOW’s cloud gaming platform to serve the region’s markets. At the same time, we enhanced our cross-border services capabilities by connecting the Middle East to Africa with the J2M undersea cable system (from Jeddah, Saudi Arabia, to Marseille, France) to meet the demand for the most reliable high-speed connectivity.”

Commenting on the Company’s sustainability efforts, Al-Deghaither said: “At Zain KSA we reiterated our commitment to the principles of sustainability through our approach that harnesses technology to serve sustainable development. We launched a number of initiatives to address climate change, in line with the Saudi Green initiative and in accordance with the relevant UN SDGs. We also continued to promote inclusion across Zain KSA, emphasizing equality, equity, and workplace diversity to achieve the greatest possible benefit to society.”

Remarkably, Zain KSA was one of the major national companies joining the Private Sector Partnership Program, “Shareek”, in the ceremony announcing the first batch of projects, which was held under the patronage and in the presence of His Royal Highness Prince Mohammad bin Salman bin Abdulaziz, Crown Prince and Prime Minister. Additionally, during the first quarter of 2023, Zain KSA announced the completion of a deal to sell and lease back its passive tower infrastructure to the Golden Lattice Investment Company, owned by the Public Investment Fund, His Royal Highness Prince Saud bin Fahd bin Abdulaziz, and Sultan Holding, in a deal worth more than SAR 3 billion.

CT Bureau

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