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FINANCIAL NEWS
Zain Kuwait posts USD251.6m Q2 profit
06 Aug 2012
(MENAFN) Kuwait’s Zain announced that second-quarter net profit went up 1 percent to USD251.58 million, from USD248.62 million in last year’s same period, reported Reuters.
The telecom operator said that net profit during the January-June period reached USD501.76 million, compared with 2011’s USD496.10 million.
Zain, whose Iraq and Sudan units make up around two-thirds of the company’s subscribers and 59 percent of revenue, stated that during the current year, its Sudan unit plans to add 1 million subscribers.
The company, which operates in 7 countries including Kuwait, Saudi, Bahrain, Lebanon, Sudan, Iraq and Jordan, increased its stake in Zain Saudi from 25 percent to 37 percent.
It is worth noting that in Kuwait, Zain competes with Viva, an affiliate of Saudi Telecom Co., and Wataniya, a unit of Qatar Telecom.
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