KUWAIT CITY: Zain Group, a leading mobile telecom innovator in eight markets across the Middle East and Africa, announces its consolidated financial results for the nine-month and third-quarter periods ended Sept 30, 2016. The company ended the period serving 45.8 million customers.
For the first nine months of 2016, Zain Group generated consolidated revenues of KD 826 million (2.7 billion), down 3% year-on-year (Y-o-Y) in KD terms, while consolidated EBITDA for the period reached KD 390 million (1.3 billion), up 5% Y-o-Y, reflecting a healthy EBITDA margin of 47.2%. Consolidated net income reached KD 124 million (413 million), reflecting a 5% Y-o-Y increase. Earnings Per Share amounted to KD 0.032 (0.11) for the nine-month period.
The Group incurred foreign currency variance losses amounting to 96 million for the first nine-month period of 2016 predominantly accounted for by operations in Iraq and Sudan. This reflects a 27 million increase from the same period in 2015.For the third-quarter of 2016, Zain Group recorded consolidated revenues of KD 275 million (911 million), down 6% Y-o-Y in KD terms. EBITDA for the quarter reached KD 135 million (448 million), an increase of 3% Y-o-Y in KD terms, reflecting a 49.2% EBITDA margin. Net income for the period amounted to KD 43 million (141 million), reflecting 12% Y-o-Y increase. Earnings Per Share for the quarter reached KD 0.011 (0.04).
For the third quarter of 2016, the Group incurred foreign currency variance losses amounting to 39 million, reflecting a 12 million increase from same period in 2015.
