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FINANCIAL NEWS
Zain KSA’s quarterly loss narrows to $145m
13 Oct 2010
(MENAFN) Zain Saudi Arabia, the kingdom’s newest mobile phone operator, said that its net loss has narrows in the third quarter to $145.1 million, down from $219 million a year earlier, Reuters reported.
The firm, 25-percent owned by Kuwait’s Zain, said its revenues rose by an annual 101.5 percent to $443.2 million in the third quarter, almost the same annual growth as in second-quarter revenues.
The gross profit margin had risen to 43 percent in the third quarter from 29 percent in the same quarter a year ago, the company added.
By the end of 2011, Zain Saudi plans to have 10 million customers, revenues of $2.1 billion and core earnings or EBITDA of $400 million.
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