Stable performance and a vertical expansion of services Zain KSA achieves 45% growth in profits
Zain KSA has achieved stabilized profits for Q3 2021, recording 60 million riyals in profits compared to 42 million riyals for Q2 of the same year, posting a 45 percent growth. The company made 1,984 million riyals in revenues, accomplishing a growth rate of 4% during Q3 2021, as compared to Q2 2021.
These results reflect the company’s ability to overcome the challenges imposed by the COVID-19 crisis which has affected most business sectors and restricted Hajj and Umrah activities in observance of the health prevention policies set to combat the pandemic. They also demonstrate Zain KSA’s stable operational and financial performance, and its dedication to its strategy in aims to promote quality investments towards innovation and the implementation of high standards in areas such as governance, financial efficiency, and enhancing services.
Commenting on Zain KSA’s fiscal performance, Zain KSA CEO Eng. Sultan bin Abdulaziz Al-Deghaither, said: “Zain KSA continues to pursue its ambition to become a pioneering provider of world-class digital services that fulfill current demands and foresees future trends. These results conclude a series of accomplishments that convey the company’s strategic aspirations and reiterate its new path for growth, high retained earnings, and a continued rise in profits for the thirteenth consecutive quarter. This points to three main indicators, first Zain KSA’s ability to follow a highly effective operational and financial management scheme, and second its dedication and loyalty to its shareholders, and finally its efforts to present top products and services that fulfil the needs of both our individual and business clients.” He added: “The progress of our Kingdom remains our foremost goal, and for that we work hard in line with the directives of our astute leadership and the targets outlined in Vision 2030, especially regarding achieving a comprehensive digital transformation and augmenting Saudi Arabia’s position on the global competitive landscape pertaining to the ICT sector, and enhancing the quality of life.”
He added: “We reiterate our commitment to position Zain KSA as a top innovator and preferred provider of digital services in Saudi Arabia, currently serving 51 Saudi cities.” Al-Deghaither also stated: “We reiterate Zain KSA’s commitment to its expansion plans through further investment and a focus on vertical expansion of services over the next phase, through launching 5G applications that utilize this vital technology which has become the technological backbone for many industries, and an enabler of economic growth and sustainable development especially in the fields of IoT, AI, cloud computing, and Big Data.”
The Communications and Information Technology Commission (CITC) has recently revealed that Zain KSA has ranked first in recording the fastest 5G speeds as well the widest coverage in the city of Riyadh.
Notably, Zain KSA has launched an electronics recycling program in cooperation with the National Environmental Recycling Company (Tadweer) for recycling electronic waste. This comes within Zain KSA’s corporate and social sustainability policy to achieve the highest level of cooperation with the UN Sustainable Development Goals and the goals of Saudi Vision 2030 to improve the quality of life and protect the environment as per the “Saudi Green” and ” Middle East Green” initiatives.
Moreover, Zain KSA continues to augment its role within the corporate sustainability front, and has entered into a strategic partnership with the Youth Empowerment (Mentor Saudi) to launch targeted programs and effective initiatives to develop youth life skills and professional abilities, encourage them to be creative and innovative, and enhance their participation in various fields of social work and human development.
Zain KSA additionally achieved several notable accomplishments within the ICT sector that positioned it as a leading provider of home internet bundles and enabled it to attain local, regional, and global accolades. It was named by Ookla global, owner of the globally acclaimed Internet speed measuring website SpeedTest, as Saudi Arabia’s fastest fixed internet for the third consecutive time for H1 2021.
Zain KSA was also named the best (5G) network and data performance in Riyadh in this year’s report from umlaut, the world leader in the field of testing the efficiency of communication networks, placing the Saudi capital amid 5G pioneering cities worldwide such as Tokyo and Dublin.