Zain Group posts a strong set of financials for H1 2020, as it progresses 5G and FTTH
The Kuwait headquartered firm posted strong results across its regional portfolio
Zain group has posted a strong set of financials for the first half of 2020, as the pan-Arabian telco continues to cement its strong position on 5G throughout the region.
Zain Group served 47.6 million customers at the end of the period.
In a statement to the press, Zain Group revealed that it had seen consolidated data revenue grow 10 per cent on a year on year basis to reach $1.1 billion, representing 42 per cent of the Group’s revenue.
During the first half of 2020 Zain Group invested over $494 million in CAPEX reflecting 19 per cent of revenues, predominantly in expansion of Fibre-to-the-Home (FTTH) infrastructure; spectrum fees; 4G upgrades and new network sites across its markets, as well as 5G rollouts in Kuwait, Saudi Arabia and recently Bahrain.
“The first six-months was a mission-critical period as all our operations were focused on providing connectivity during the lockdown to minimize the impact of the pandemic on socio-economic life. At the same time, we refocused on digital transformation to better serve businesses, governments, and societies, granting increased digital access to essential medical, commercial and financial services,” said Bader Nasser Al-Kharafi, Zain vice-chairman and Group CEO commented.
“I would like to recognise and thank all Zain personnel who have remained dedicated and motivated to their duties and provided exemplary services, helping deliver on the critical role we play in maintaining connectivity and supporting the communities we serve throughout these exceptional times. Furthermore, Zain was committed to ensuring its employees’ wellbeing and safety and the company took decisive actions to support and provide them with the tools needed to adapt during this time of crisis.”
The Group CEO added, “Our culture of innovation has been invaluable at this time of rapid change, and Zain has been pro-active in its use of technology to maintain its operations at a high-level of availability, and our business continuity strategy has been executed impressively in the fight against COVID-19. We are proud to not reduce the salaries of any employee, as the company is optimistic of the telecom sector’s resilience in such times.”
In Iraq, Zain Group announced that it has successfully extended its telecoms licences to 2030 inclusive of 4G.