Zain’s first quarter profits dip by 31%
Zain Group's Middle East profits decline as company undertakes major restructuring
Kuwait based Zain Group reported a 31% decline in its net profit for its Middle East operations in the first quarter of 2010, as a major restructuring of its operations and the sale of most of its African assets continued to weigh on the company.
The company reported net income KWD 51.55 (US$ 179.1 million) for the first quarter of 2010, a 31% decline compared with the KWD 75.7 million dinars ($261 million) it reported in the same period last year.
Zain's revenues increased by 11% in the first quarter of 2010, to reach KWD 329.7 million (US$ 1.146 billion), compared with the same period in 2009.
Nabeel Bin Salamah, CEO, Zain Group, said: "With the sale of the Zain Africa assets about to be concluded, the company will re-engineer itself while at the same time focusing its resources on further increasing market leadership in the Middle East, offering customers the latest technologies and quality mobile services."