Zain KSA, the leading telecommunications and digital services provider, has achieved record-breaking annual revenue of SAR 9.9 billion in 2023, demonstrating a notable 9% growth from the previous year's SAR 9.1 billion. This substantial revenue surge has propelled Zain KSA to attain its highest-ever annual profit, reaching SAR 1.3 billion, marking an impressive increase of 131% compared to its 2022 profit. In line with its commitment to delivering value to its shareholders, the Company has recommended distributing cash dividends for the year 2023 at a rate of 5% of the nominal share value, marking the second consecutive year of dividend distribution.
The noteworthy financial performance of Zain KSA can be attributed to several key factors. Firstly, the successful transfer of passive infrastructure, including 8069 towers, which amounted to SAR 1 billion in revenue in 2023, played a significant role. Additionally, the sale of a 20% stake in Golden Lattice Investment Co. (GLIC) contributed SAR 121 million to the company's earnings. Moreover, the sustained growth in revenue was driven by the focus on 5G services and solutions, robust business sector revenues, and increased demand for individual services, particularly the Yaqoot Digital service.
Furthermore, Zain KSA has demonstrated its commitment to technological innovation and sustainable development through strategic investments in green technology and partnerships across public and private sectors. Notably, the company launched the world's first zero-emission 5G network, designed and implemented entirely within the Kingdom, and signed a framework agreement with Shareek, the Private Sector Partnership Program, to develop hyper-scale data centers to attract global companies.
Commenting on the impressive financial results, HH Prince Naif bin Sultan bin Mohammad Bin Saud Al Kabeer, Chairman of the Board of Zain KSA, emphasized the company's commitment to innovation and development, which has positioned it as a leading provider of communication services and digital solutions in the Kingdom. He highlighted the company's contribution to Saudi Vision 2030 goals and the empowerment of a smart and knowledge-based digital economy.
Eng. Sultan bin Abdulaziz Al-Deghaither, CEO of Zain KSA, underscored the company's focus on sustainability and human capital development. He highlighted initiatives aimed at training Saudi men and women and addressing the digital education gap across the Kingdom.
In its 2023 corporate sustainability strategy, Zain KSA has seamlessly integrated environmental, social, and corporate governance (ESG) principles into its operations, resulting in an upgraded (A) classification within the Environmental, Social, and Corporate Governance (MSCI ESG Index). These achievements reflect Zain KSA's commitment to innovation, development, and responsible business practices, driving value for its shareholders and contributing to the sustainable growth of the Kingdom's telecommunications and digital services sector.
