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FINANCIAL NEWS
Kuwaiti Zain profit up 500% in 2010
06 Mar 2011
(MENAFN) The chairman of Kuwaiti telecom Zain, Assad Al Banwan, said that the company’s full-year net profit increased by 500 percent to USD3.82 billion in 2010, compared with 2009, reported Gulf News.
Al Banwan said that selling Zain’s African operations to India’s Bharti Airtel for USD10.7 billion in 2009, contributed to the jump in net profit in 2010.
The chairman added that net profit excluding the one-off gain also increased by 50 percent to USD1.05 billion for the full year compared with 2009.
Revenues in 2010 were up 7 percent to USD4.86 billion after excluding revenue from African units, the chairman said.
Zain’s strategy through to 2014 is to increase net profit by 100 percent and also raise its subscriber numbers in the Middle East to 51 million from the current level.
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