Global Arab Network | Kuwait-based Zain mobile makes 2 million profits

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Kuwait-based Zain mobile makes $672 million profits

Global Arab Network - - Rabih Serrai

Thursday, 01 April 2010 17:34

Kuwait-based Zain Group has announced that it realized KD 195 million ($672 million) in profits for 2009, with the share's profit reaching 51 fils compared to previous year.

Board Chairman Assad Al-Banwan said total revenues of Zain's subsidiaries in the Middle East and North Africa were KD 2.318 billion, or 15.7 percent more than 2008.

The group, he said in a statement, realized an increase in profits amounting to KD 926 million before the cut of taxes and interests, or 24 percent more than the 2008 figures.

Al-Banwan said Zain's clients increased to 72.5 million during 2009.

"Last year was the toughest not only on Zain but all companies. The companies of the Group were under pressure of the global financial crisis and most markets were affected ...," he said.

The key challenge was the severe fluctuation in currencies exchange, said Al-Banwan, which costed Zain KD 38 million.

During its meeting today, Zain board welcomed the selling of assets of Zain Africa to India's Bharti Airtel by USD 10.7 billion.

Al-Banwan said the board decided to distribute 170 fils in dividends for the 2009 fiscal year, excluding the Africa assets.

Zain CEO Nabil bin Salama said the comprehensive review of "our strategies aimed at achieving the highest added value of shareholders equity in the forthcoming period." Zain, he added, sought to seize any appropriate investment opportunity.

Global Arab Network

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