Zain KSA Achieves SAR 7.7 Billion in Revenue, 33% Profit Growth in First Nine Months of 2024
Zain KSA has announced its financial results for the first nine months of 2024, achieving revenue of SAR 7.7 billion, a 4.5% year-on-year growth. Net profit over the period amounted to SAR 322 million, a 33% increase compared to the corresponding 2023 period, excluding the tower sales earnings.
This financial performance reflects Zain KSA’s strategic focus on enhancing customer experience and expanding future technologies and 5G. The company saw significant growth in revenue from the enterprise sector and widespread adoption of Yaqoot digital service. In addition, it continued to see higher returns on its investments in adjacent markets, particularly fintech through Tamam.
Acting CEO of Zain KSA, Eng. Saad bin Abdulrahman Al-Sadhan, commented: “We are committed to maintaining our strong financial performance by aligning operational efficiency with strategic investment plans and effective governance under a clear strategy. This approach ensures continuous development and innovation, actively contributing to the advancement of the national telecom sector and fulfilling the aspirations of our astute leadership to build a digital knowledge-based economy that promotes well-being for all. We are focused on creating an innovative, sustainable world while making a positive impact locally and globally, aligned with sustainable development goals and community empowerment. During the third quarter of this year, Zain KSA published its corporate sustainability report, demonstrating how its sustainability strategy aligns with overall operations and showcasing the tangible impact achieved, in line with Saudi Vision 2030’s sustainability goals. The company also strengthened its commitment to empowering all segments of society by announcing a strategic partnership with the Ministry of Human Resources and Social Development to provide training and development programs for individuals with disabilities, along with tailored job opportunities. Remarkably, participants registered on the Ministry’s platform will receive exclusive offers designed to meet their needs.”
Zain KSA has recently advanced on the MSCI Environmental, Social, and Governance (ESG) Index, achieving an upgraded rating to (AA), up from (A) last year. This achievement places the company in the ‘Leader’ category in ESG practices, ranking it among the 179 telecommunications companies on this global index.