Zain expects ‘historic’ year for earnings

Kuwait's Zain expects to take its customer base to 90 million - Chief Executive Officer Saad Al Barrak.

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By  Neeraj Gangal Published  May 29, 2009

Kuwait-based telecoms operator Zain expects a 'historic' year for earnings, the company's head has said, according to a report on Thursday.

According to the newswire Bloomberg, Zain expects to record 'historic' earnings this year; it aims to take its  customer base to 90 million, Chief Executive Officer Saad Al Barrak said in Beirut.

Formerly known as MTC, Kuwait’s national telecoms brand Zain has grown into a global player with operations in more than 22 countries. CEO Saad Al Barrak had said earlier, the firm has ringfenced $5bn to spend on new acquisitions before 2011 and is on track to hit this year’s target of a 30 percent rise in net profit. Group net profit was $1.40bn in 2008; an annual increase of six percent.

Last year proved highly successful for the telecoms firm: it rebranded its entire African network and began operations in Saudi Arabia. In September Zain raised $4.40bn in a capital increase. Some 99 percent of existing shareholders subscribed to the offer, making it the largest capital raising in Kuwait’s history.

This year Zain looks set to expand its presence in North Africa, after last month taking a 31 percent stake in Wana, Morocco’s third mobile operator, for $324m. The firm is already active in Ghana, where it launched Africa’s first 3.5G network in December.

Zain is listed on the Kuwait Stock Exchange.

3556 days ago

Zain is not interested in listening to customer care. They want just utilise opportunity of basic need of the people in middle east. I have been over charged by zain , being a good customer for 4 years. And there is no customer care centre for expatriates in Kuwait. I am really surprised to see Zain can not even recruit somebody who can speak in Englisgh , eventhough the more than 50% of subscribers are expatriates...... Its really not worth talking big about making money by zain without implementing a real customer support .......

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