Zain Bahrain, a leading telecommunications company in the Kingdom, recently announced its financial results for the first quarter of 2024. The company reported a net profit of BD 1.07 million for the three months ending March 31, a 25.3% decrease from the same period in 2023. Despite the decrease in net profit, the revenue saw a positive growth of 7.4%, reaching BD 19.51 million compared to BD 18.17 million in Q1 2023. Additionally, EBITDA increased by 3.4% to BD 5.70 million.
While the total equity of Zain Bahrain at the end of Q1 2024 decreased by 2.6% to BD 83.39 million, the asset base also saw a slight reduction to BD 135.83 million. The company credits its healthy revenue growth to its innovative Data, Business solutions, and value-added services offerings. However, the consolidated net income was affected by the start-up costs of Zain’s Fintech subsidiary and increased regulatory charges.
Shaikh Ahmed bin Ali Al Khalifa, Zain Bahrain Chairman, highlighted the company’s commitment to innovation and leveraging the latest technology to address customers’ digital needs. With the launch of their financial services subsidiary and a focus on cutting-edge solutions, Zain Bahrain aims to enhance the overall user experience and empower consumers in their digital lives. The telco’s dedication to pushing boundaries and exploring new technologies, including fintech, has benefited businesses and consumers alike.
In a rapidly advancing technological landscape, Zain Bahrain understands the importance of staying ahead of the curve and meeting the evolving needs of its customers. By investing in new technologies and services, the company aims to provide innovative solutions that improve the overall user experience. Through its culture of innovation and commitment to utilizing the latest technology, Zain Bahrain continues to strengthen its position in the telecommunications industry.
The company’s focus on addressing customers’ critical digital needs has allowed them to achieve significant revenue growth year on year. By offering a range of innovative data services, business solutions, and value-added services, Zain Bahrain has positioned itself as a leader in the market. With a proactive approach to exploring new technologies, including fintech, the telco is able to empower both businesses and consumers to take control of their digital lives.
Despite facing challenges such as start-up costs and regulatory charges, Zain Bahrain remains committed to delivering cutting-edge solutions and services to its customers. By pushing the boundaries of what is possible and embracing new technologies, the company continues to drive innovation in the telecommunications sector. With a strong focus on customer satisfaction and enhancing the user experience, Zain Bahrain is well-positioned to meet the evolving demands of the digital age.
