Monday, May 17, 2010
Zain Q1 Results Excludes Details of Africa Operations
Zain has announced its consolidated financial results for the quarter ended 31 March 2010. Total managed active customers rose 28% compared to the same period of 2009 to 31.4 million. Consolidated revenue for the quarter was KWD329.7 million (USD1.146 billion), an increase of 11% compared to 1Q 2009, while EBITDA was KWD139.2 million. EBIT in the first three months of 2010 was KWD99.4 million and net income KWD51.5 million.
Commenting on the results, the chairman Asaad Al Banwan said: ‘These results reflecting the Middle East operations are in line with adopted International Accounting Standards, which necessitates excluding all of Zain Africa’s 15 mobile operations, except for net profit, as the company entered into a definitive sale agreement with Bharti Airtel on 30 March 2010.’ Al Banwan added, ‘Despite the economic crisis and the competitive markets in which we operate, we are extremely pleased with the 11% revenue increase which is in line with our expectations.’