Zain Group said revenues for the first three months to 31 March decreased by 11 percent to KWD 247 million compared to the same period in 2016. Group data revenues (excluding SMS and VAS) increased 4 percent year-on-year, representing 25 percent of total revenues. EBITDA reached KWD 107 million, down 13 percent, reflecting an EBITDA margin of 43.4 percent. Net profit increased by 3 percent to KWD 38 million, reflecting earnings per share of KWD 0.10.
Forex effects cost the company USD 148 million in revenue, mainly due to the 59 percent currency devaluation in Sudan, with an effect of USD 68 million on EBITDA and USD 32 million on net income. Excluding the negative effect, revenues would have grown by 4 percent, EBITDA by 3 percent and net profit by 27 percent.
The board approved the distribution of a cash dividend of KWD 0.35 per share for 2016, in a meeting that saw the election of the group board for the next three years. The new board appointed Mohannad Mohammad Abdulmohsen Al-Kharafi as chairman and Bader Nasser Al-Kharafi as vice-chairman and group CEO.
