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FINANCIAL NEWS
Zain Saudi Arabia Q1 profit USD39m
22 Apr 2011
(MENAFN) Zain Saudi Arabia’s managing director and CEO, Saad Al-Barrak, said that the company’s first quarter revenue reached USD39 million with a thirty six percent increase over the same period in 2010, reported The Saudi Gazette.
Al-Barrak added that this year’s gross profits witnessed an eighty six percent growth reaching USD0.190 million compared with USD0.102 million during the first quarter last year, reflecting Zain’s rapid and stable growth in its operations and investments. He also said that operational losses decreased by forty six percent to reach USD0.62 million compared with USD0.115 million for the same period in 2010.
Zain Saudi Arabia’s chairman, Prince Hussam Bin Saud Bin Abdul Aziz, said that Zain’s strong marketing campaign which gained customer confidence and maintained brand loyalty, enabled the company to improve its competitive edge in the Saudi telecom market .
It is worth noting that due to Zain decreasing the cost of national roaming, a twenty percent in net losses was registered. In addition, gross profit margin rose forty eight percent compared to thirty five percent for the same period last year.
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