Zain KSA has reported a significant milestone with its highest quarterly revenues surpassing SAR 2.5 billion, marking a substantial 10% increase from the third quarter of the previous year. The company also achieved a noteworthy SAR 285 million in Net Profit, reflecting a remarkable growth of 234% compared to the corresponding period in 2022. This financial success is attributed, in part, to gains from a tower infrastructure sale and leaseback deal, contributing to an expected SAR 1.1 billion total financial impact over the 18-month tower ownership transfer period.
The robust Q3 profit growth is fueled by sustained business expansion across various sectors, particularly in the enterprise sector, where there is a high demand for advanced services like cloud computing, the Internet of Things, and artificial intelligence. Additionally, Zain KSA has experienced growth in consumer services and a surge in demand for Yaqoot digital services and micro-finance solutions through its fintech arm, Tamam.
Zain KSA's CEO, Eng. Sultan Bin Abdulaziz Al-Deghaither, expressed pride in the company's Q3 achievements, emphasizing the effectiveness of operational and financial strategies grounded in innovation and strategic investments. The focus remains on maximizing impact across technology, economy, and society, especially within the 5G services ecosystem. Notable milestones include the launch of the world's first zero-emission 5G network in partnership with Red Sea Global and strategic collaborations, such as the partnership with Pioneers Systems in electronic circuit design and manufacturing.
Highlighting the commitment to sustainability and positive impact, Al-Deghaither stressed the importance of operational and financial efficiency. Zain KSA has received an upgraded "A" rating in the MSCI ESG Index, recognizing its dedication to environmental sustainability, social responsibility, and corporate governance. The company's integration of these principles into operational, financial, and administrative processes is evident through the establishment of clear performance indicators, fostering a culture of sustainability and responsibility at all organizational levels.
