FINANCIAL NEWS

Kuwait’s Zain optimistic over profits in 2012

30 Mar 2012

(MENAFN) Kuwait’s mobile phone operator Zain said it expects to post higher profit this year despite the growing competition, Bloomberg reported.

CEO Nabeel Bin Salamah affirmed that the group has a strong financial status, citing that its debt-to-equity ratio is only 25 percent, which is considered low.

Zain reported USD1 billion net profit in 2011, down from USD3.95 billion in the previous year when it sold most of its African operations to Indian billionaire Sunil Mittal’s Bharti Airtel for USD9 billion.

In September, the company’s talks to sell a 25 percent stake in Zain Saudi Arabia to Kingdom Holding and Bahrain Telecommunications collapsed.

In March 2011, Etisalat gave up plans to buy a majority stake in Zain.

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