RIYADH: Mobile Telecommunication Company Saudi Arabia (Zain KSA) announced its annual consolidated financial results for the year ending on 2023-12-31, revealing the highest revenues in its history, amounting to SAR 9.9 billion, a 8.9% growth as compared to 2022.
The company attributed this increase to the growth in business-to-business (B2B), 5G, digital products, wholesale and Tamam segments, which also boosted its gross profit by 10%, representing SAR 541 million.
However, the company also faced higher costs of revenue, distribution and marketing, general and administrative expenses, and finance costs, which reduced its earnings before interest, taxes, depreciation and amortization (EBITDA) by SAR 177 million to reach SAR 2,978 million.
The company also recognized a net gain of SAR 1.21 billion from the sale and leaseback transaction of all 8069 towers, which was revisited in the fourth quarter of 2023 due to the significant judgements and estimations involved in assessing transfer of control.
The company invested SAR 951 million in capital expenditures (CAPEX) to enhance customer service quality further and fulfilled all its financial debt obligations for 2023 amounting to SAR 2 billion.
Technology One reports record results and optimistic outlook