In a remarkable feat, Zain KSA, the leading telecommunications company, has reported its highest half-year profit to date for the first half of 2023. The company's profits soared to an impressive SAR 687 million, marking a staggering 221% surge when compared to the corresponding period in 2022. This outstanding financial performance showcases Zain KSA's unwavering commitment to success and its ability to thrive in a competitive market. The surge in profits can be attributed to a notable rise in revenue, which reached SAR 4.8 billion during the initial six months of the year. This represents a commendable 10% increase when compared to the corresponding period in 2022. Despite facing a surge in operational costs linked to the telco towers deal and financing expenses, Zain KSA has managed to achieve commendable results. In a momentous turn of events, Zain KSA has unveiled its historic half-year results, marking a significant milestone for the company. Notably, these impressive results have coincided with the distribution of Zain KSA's inaugural cash dividends to its esteemed shareholders for the year 2022. The dividends have been disbursed at a rate of 5% of the share's nominal value, further adding to the significance of this momentous occasion.
Zain KSA's half-year profit surge can be attributed to its impressive business growth and the successful expansion of its 5G services. This expansion led to a significant increase in revenue from both business solutions and individual packages, as there was a surge in demand. This surge was fueled by the recovery of Hajj and Umrah as well as the growing popularity of Yaqoot digital services. Zain KSA's FinTech division, Tamam, experienced significant growth, serving as a key source of revenue during the specified period.
In regards to the financial results, Zain KSA's CEO, Eng. Sultan Bin Abdulaziz Al-Deghaither, expressed his satisfaction, highlighting the company's notable achievements in redefining the customer experience. With a focus on innovation and efficiency, Zain KSA has successfully adapted to meet the evolving needs and aspirations of its customers in recent years. The company's success has solidified its status as the leading telecommunications and digital services provider in the Kingdom. The first half of 2023 has yielded promising results, showcasing the success of our investment decisions, operational strategies, and financial policies. These factors have played a vital role in driving the company's sustained growth and generating strong demand for our comprehensive range of solutions and services, catering to both individual consumers and businesses alike.
In a recent statement, Zain KSA's spokesperson highlighted the company's notable accomplishments during the initial six months of 2023. These achievements, according to the spokesperson, are not only a source of pride for the organization but also play a crucial role in fostering sustainable growth and innovation within the company and the wider industry in the Kingdom. In a remarkable achievement, an agreement has been reached with the Private Sector Partnership Reinforcement Program (Shareek), a highly influential initiative under the esteemed patronage of His Royal Highness Crown Prince and Prime Minister, Prince Mohammed bin Salman, may Allah bestow his blessings upon him. In a groundbreaking development, a Memorandum of Understanding (MoU) has been inked between our organization and the esteemed Ministry of Human Resources and Social Development. This significant agreement aims to pave the way for the training of an impressive 50,000 Saudi men and women over the course of the next three years. The initiative falls under the umbrella of the national campaign 'Wad,' which seeks to invigorate training opportunities within the private sector. This collaboration holds immense promise for the future of workforce development in the Kingdom. In a significant development, our organization has recently entered into a Memorandum of Understanding (MoU) with Al-Rajhi Bank, solidifying our position as a strategic partner for their esteemed loyalty program, 'Mokafaa', within the Kingdom. The company has reaffirmed its dedication to providing outstanding experiences to both current and prospective customers. This commitment extends to a wide range of offerings, encompassing voice and data services as well as FinTech, cloud computing, and digital entertainment solutions. Furthermore, the company is also focused on delivering digital services tailored to individual needs. The diversity within our organization serves to bolster our efforts in aiding the Kingdom's nationwide digital transformation and advancing the overall quality of life, aligning with the ambitious goals set forth in Saudi Vision 2030.
Zain KSA, the telecommunications giant, has made yet another remarkable stride in its journey towards success. Recently, the company has climbed an impressive 15 spots in the prestigious Forbes Middle East's Top 100 Listed Companies 2023 rankings. With this remarkable feat, Zain KSA has firmly secured the 79th position, solidifying its standing among the region's most prominent and influential entities. Zain KSA has solidified its regional standing as a prominent telecoms and digital services provider, further establishing itself as a catalyst for digital transformation and a proponent of innovation and technology within the Kingdom.
