Zain Bahrain revenue for 2024 hits $203m; net profit up 2pc
Zain Bahrain, a leading telecommunications provider in the kingdom, has announced a revenue of BD77.24 million ($203 million) for FY2024, up 6.8% from the previous year's figure of BD72.32 million ($190 million).
Announcing its financial results for the 12-month period ended December 31, 2024, Zain Bahrain said it reported a 2% increase in total profit for the year attributable to the shareholders amounting to BD5.92 million compared to BD5.81 million in the previous year.
Basic and diluted earnings per share stood at 16 fils for the year, while the ebitda increased to BD23.58 million for the year ended December 31, 2024, from BD22.45 million in the previous year.
Zain Bahrain's total equity as of December 31, 2024 accumulated to BD88.12 million, up by 2.8% from BD85.66 million at the end of 2023.
The company's asset base stood at BD 141.91 million, a 3.1% increase from BD 137.63 million in 2023, it added.
On the Q4 performance, Zain Bahrain said its total profit attributable to the shareholders stood at BD1.88 million representing a 29.6% increase compared to BD1.45 million for the same period in the previous year with Basic and Diluted earnings per share of 5 fils.
Revenue for the fourth quarter, meanwhile, increased to BD19.80 million, representing a growth of 7.3% compared to BD18.45 million for the same period the previous year. Ebitda reached BD5.44 million, down by 5.6% from BD5.76 million in Q4 2023.
Impressed with the results, Zain Bahrain's Board of Directors have recommended annual dividends representing 9% of the company's paid-up capital, equivalent to 9 fils per share.
This totals to a dividend amount of BD3.275 million, reflecting a 55% payout ratio, subject to the Annual General Meeting approval.
Zain Bahrain Chairman Shaikh Ahmed bin Ali Al Khalifa said: "This year has been one of growth, resilience, and transformation - achievements that we are incredibly proud of and that lay the foundations for a brighter future. I am proud to share the outstanding progress we have made in delivering exceptional value to our customers, shareholders, and the Kingdom of Bahrain."
Innovation and digital transformation, he stated, were key drivers of Zain's healthy revenue growth, which was attributed to the development of new services and products.
"We remained focused on investing in our networks and building our digital capabilities, which are important to our customers and future success," observed Shaikh Ahmed.
"We are thrilled to share that Zain Bahrain has been recognized with the prestigious Employer of the Year Award in the Private Sector at the 12th Annual GCC GOV HR & Youth Summit and Awards. This accolade is a testament to our unwavering commitment to nurturing a positive workplace culture and supporting employee growth," he noted.
"Moreover, we are delighted to announce that Zain Bahrain has maintained a remarkable Bahrainization rate of 93.33% and was recognized by the Ministry of Labor as one of the top 10 companies achieving the highest Bahraini employment rate in 2024," he added.
According to him, a significant milestone achieved by the group towards the end of the year was its collaboration with BNET, the national fiber network operator, to successfully transfer Zain Bahrain's fixed-fiber backhaul network assets.
"This strategic move enhances the efficiency and scalability of our network, playing a key role in supporting Bahrain's National Telecom Plan (NTP5). Our partnership with BNET aligns with our mission to contribute to Bahrain's vision of becoming a digital powerhouse in the region, and we are confident that this collaboration will further strengthen our position as the leading telecom provider in the Kingdom," he noted.
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