(MENAFN Press) Zain announces its Group consolidated financial results for the twelve months ending 31 December 2011.
The results showed a slight growth in key performance indicators, with a consolidated net profit of 1.033 billion, representing an increase of 1% as compared with last year.
For the 12 months of 2011, Zain Group recorded consolidated revenues of US 4.79 billion (KWD 1.32 billion), an increase of 2 % compared to the 12 months of 2010. The company's consolidated EBITDA increased by 1% for the same period to reach US 2.174 billion (KWD 600 million) reflecting an EBITDA margin of 45.4%, along with EBIT at US1.56 Billion (KWD 429 million) level.
Consolidated Net Income reached US1.033 Billion (KWD 285 million), representing a 1% increase compared to 2010 net income of US 1.022 billion (KWD 292 million) excluding capital gain of 2,652.7 million (KWD 770.4 million) from the sale of Zain Africa.
The earnings per share for the 12 months of 2011, stood at US 0.27 (KWD 0.073), compared to US0.26 (KWD 0.075) in the previous year. Additionally, shareholders equity stood at US7.925 billion (KWD 2.206 billion).
Subsequently, the Board of Directors recommended a cash dividend of US 0.23 (KWD 0.065) per share subject to the Annual General Assembly and the regulatory approvals.
Our consolidated customer base grew by 8% and stood at 40.2 million active customers across all our operations. Zain Group added around three million new active customers over the past twelve months.
Mr Asaad Al-Banwan, Chairman of the Board of Directors of Zain commented, "In light of the difficult financial conditions, many markets in the region are still suffering because of the global financial crisis," Al Banwan said.
"However, the Group was able to maintain growth levels in its main financial indicators, though profitability levels were severely affected because of the continuing volatility of the currency exchange rates in some of its main markets, which cost the Group US 124 million in 2011."
He further added, "The Board of Directors recommended in their BOD meeting, held today to distribute a cash dividend of 65 fils per share for the fiscal year 2011 which implies a dividend yield of 7.4% to the shareholders of the company registered on the date of the Annual General Meeting, (subject to the company's AGM and regulatory approvals)."
On his part, Zain Group CEO Mr Nabeel Bin Salamah stated "Zain Group has made remarkable gains in its main markets through this difficult period, and benefited from the growth opportunities in a positive way. The Group has stepped up its efforts to strengthen its operations, which is reflected in the size of its customer base, which witnessed an increase of 8% and attained 40.2 million active customers."
He also added "The expansion projects undertaken by the Group helped in bridging the gap between the voice and data services, and Zain shall continue increasing its investments in this direction."
Bin Salamah continued by saying, "we have great competitive positions in our core markets, as the Group is the leader in the majority of its markets."
Bin Salamah stressed that the Group will continue its efforts to surpass the expectations of its customers and ensure that it provides a great communication experience, while at the same time dedicating itself to achieving the highest return to shareholders and increase of shareholders' equity.