FINANCIAL NEWS

Zain Saudi Arabia reports robust profit growth

25 Feb 2010

(MENAFN) The Chairman of Zain Saudi Arabia, the Kingdom’s third mobile operator, said that the company’s annual gross profits soared by 5,000% last year to $242.6 million, up from $4.43 million in 2008, Arab News reported

The chairman pointed out that the company’s revenues reached $841 million last year, up 495 percent, compared to $140 million during the previous year.

Zain Saudi Arabia gained an 18 percent market share in the Kingdom with a client base of 6 million customers which was developed within a short span of 16 months, he said.

By virtue of Zain’s performance in the Kingdom, it was able to gain the confidence of local and foreign banks and has proved successful in signing a $270 million agreement.

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