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Kuwait’s Zain profit up 8 percent in Q1

03 Aug 2015

(MENAFN) Zain said it posted an 8 percent increase of its first-quarter profits, beating analysts’ expectations as earnings from Iraq and its domestic business surged and Sudan’s currency stabilized.

Kuwait’s top telecoms operator by subscribers, which operates in eight countries in the Middle East and Africa, posted a net profit of USD198.5 million in the January-March period.

Zain did not provide a year-earlier figure in dinars, but its previous financial statements show it made a profit of USD171.73 million in the first three months of 2013.

Two analysts had forecast profit figures of USD165.12 million and USD176 million. The firm had posted falling profits in five of the preceding six quarters on tougher competition at home.

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