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Zain KSA reports significant growth
(MENAFN- Arab News) Zain KSA posted improved financial results for the financial year ending Dec. 31 2014 recording a significant 24 percent increase in EBITDA to reach SR1.10 billion up from SR890 million in 2013. Zain KSA's EBITDA margin rose to 18 percent in 2014 up from 14 percent during the same period of 2013.
Net losses narrowed by 23 percent during 2014 to SR1.27 billion down from SR1.65 billion the previous year. The company also recorded an increase in gross margin to reach 52 percent in 2014 up from 48 percent in 2013.
Mobile broadband service customers grew by 147 percent during 2014. While mobile Internet data traffic continued to increase significantly attaining an incredible growth rate of 621 percent compared to 2013.
Commenting on the results Farhan bin Naif Alfaisal Aljarbaa chairman of Zain KSA's board of directors said 'The company is steadily strengthening its financial situation and the BOD fully trust and backs the transformation plan implemented by the management since early last year.'
Aljarbaa thanked the Communications & Information Technology Commission for its decision to drop fixed termination rates indicating that this will enhance competition in the telecommunications sector and will benefit subscribers.
Hassan Kabbani CEO of Zain KSA commented: 'We are pleased with the substantial growth in our results and what the increase in our customer base is indicating especially their trust in our Internet services provided to them; thanks to the quality and reliability of our state-of-the-art 4G LTE network.'
'The CITC new regulations regarding mobile and fixed termination rates will increase competitiveness in the market and will allow consumers to freely move between operators.'
He added: 'We are fully committed to our ambitious transformation plan with the support of Zain Group the board of directors as well as the combined efforts of all of the Zain team.'
Net losses narrowed by 23 percent during 2014 to SR1.27 billion down from SR1.65 billion the previous year. The company also recorded an increase in gross margin to reach 52 percent in 2014 up from 48 percent in 2013.
Mobile broadband service customers grew by 147 percent during 2014. While mobile Internet data traffic continued to increase significantly attaining an incredible growth rate of 621 percent compared to 2013.
Commenting on the results Farhan bin Naif Alfaisal Aljarbaa chairman of Zain KSA's board of directors said 'The company is steadily strengthening its financial situation and the BOD fully trust and backs the transformation plan implemented by the management since early last year.'
Aljarbaa thanked the Communications & Information Technology Commission for its decision to drop fixed termination rates indicating that this will enhance competition in the telecommunications sector and will benefit subscribers.
Hassan Kabbani CEO of Zain KSA commented: 'We are pleased with the substantial growth in our results and what the increase in our customer base is indicating especially their trust in our Internet services provided to them; thanks to the quality and reliability of our state-of-the-art 4G LTE network.'
'The CITC new regulations regarding mobile and fixed termination rates will increase competitiveness in the market and will allow consumers to freely move between operators.'
He added: 'We are fully committed to our ambitious transformation plan with the support of Zain Group the board of directors as well as the combined efforts of all of the Zain team.'
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