KUWAIT: Zain Group, a leading provider of innovative technologies and digital lifestyle communications operating in eight markets across the Middle East and Africa, announced its consolidated financial results for Q2 and six months ended June 30, 2024. Zain served 47.8 million customers at the end Q2 2024, an exceptional 13 percent increase from Q1 2024 as five million customers return to the network, due to the network stabilization efforts being carried out in Sudan.
In Q2 2024, Zain Group generated consolidated revenue of KD 479 million ($1.6 billion), up 4 percent compared to Q2 2023. Normalized EBITDA grew 13 percent YoY to reach KD 178 million ($579 million), reflecting an EBITDA margin of 37 percent. Normalized net income growth soared 55 percent to reach KD 52 million ($170 million) reflecting an earnings per share of 12 fils.
For H1 2024, Zain Group generated consolidated revenue of KD 945 million ($3.1 billion). Normalized EBITDA grew 1 percent YoY to reach KD 325 million ($1.1 billion), reflecting an EBITDA margin of 34 percent. Normalized net income growth for the first six months was 11 percent reaching KD 81 million ($265 million), reflecting earnings per share of 19 fils ($0.06).
Zain Vice-Chairman and Group CEO Bader Al-Kharafi commented, “The resilient Q2 2024 performance that saw a solid 79 percent net profit increase compared to Q1 2024, is a result of our focus on accelerating revenue and customer growth, and implementation of numerous cost optimization and mitigating initiatives across all our operations. This has set the scene for a solid year.”
