Zain Group posts Q3 revenues of $1.1bn

Sudanese currency weighs on telco's results

Tags: KuwaitZain Group (www.zain.com)
  • E-Mail
Zain Group posts Q3 revenues of $1.1bn (Getty Images)
By  Roger Field Published  November 13, 2013

Kuwait's Zain Group posted a net profit of $186m, a decline of about 12% over the same period in 2012. The telco's revenues remained flat at $1.1bn for the third quarter of the year.

The company said that the results were hit by adverse foreign currency translation impact, predominantly in Republic of Sudan, of $41m in revenues and $17m in EBITDA.

Data revenues grew by 22%, year on year, and data now accounts for 13% of Zain Group's revenues.

"Regarding net income specifically, if not due to both a foreign exchange translation impact of $7m and an exceptional $21m loss from ‘foreign currency revaluation', net income would have grown slightly," the telco said in a statement.

Scott Gegenheimer, CEO, Zain Group, said: "Across all our markets, operationally we are performing well in local currency terms as we drive efficiency and innovation in unity with a concerted effort to improve the mobile experience for our customers.

"Unavoidable foreign currency fluctuations continue to affect us adversely; however we are unwavering in our transformation efforts in this changing telecom environment that is characterised by intense competition not only from mobile operators but also from over-the-top (OTT) players such as Skype, Facebook and Viber, to name a few."

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code