Zain Bahrain reports 14% revenue surge, posting BD503,000 net profit for Q1 2017
May 2, 2017
Zain Bahrain Headquarters
- Total revenues reach BD18.3 million
- Mobile operator invests heavily in innovative new technologies and services
Manama – 30 April, 2017: Zain Bahrain (Ticker: ZAINBH), a leading telecommunications provider in the Kingdom of Bahrain, posted a net profit of BD503,000 (US$1.3 million) for the three-month period ending 31 March 2017, down 45% on the BD917,000 (US$2.4 million) reported a year earlier. The operator continues to invest in developing innovative new product offerings with total revenues for the quarter standing at BD18.3 million (US$48.5 million), up 14% year-on-year from BD16.1 million (US$42.7 million) in Q1, 2016. Zain Bahrain’s customer base stood at 845,000 at the end of Q1 2017, up 5% from 807,000 a year earlier.
Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said: “2016 was an exceptional year, with heavy investment in innovative new technologies and services that will enable Zain Bahrain to deliver an unsurpassed digital lifestyle to our customers. This has meant a decrease in net profits even as overall revenues have risen during this quarter, as we continue to develop the most competitive packages in the market and create new product offerings to transform the user experience, tap into unexplored niches, and create additional value for our shareholders. This strategy will guide Zain Bahrain as it continues to face the pressures of intense competition and a highly saturated market.”
Key achievements for Zain Bahrain during Q1 2017
The first quarter of 2017 saw the launch of the 21st Zain Experience Shop in the Kingdom, at Wadi Al Sail Mall in Riffa. The new store provides a complete range of products and services, including mobile and broadband services, along with the latest handsets and other electronic items. Open seven days a week from 9am to 10pm, it underlines the operator’s commitment to being easily accessible to customers across the Kingdom.
Zain Group signed a number of key agreements with service providers to provide enhanced digital lifestyle products to customers. Zain Group and iflix, the world’s leading Internet TV service for emerging markets, established a joint venture, ‘iflix Arabia’, to bring iflix’s world class service to the Middle East and North Africa (MENA). The commercial launch of iflix Arabia across the MENA region is planned for Q2, 2017, at which time iflix Arabia will offer Zain mobile customers an extensive range of thousands of TV shows, movies and more with Arabic and English subtitles, including many first run exclusives and award winning programs.
Zain Group has also inked an agreement with YOYO, one of Turkey’s most innovative digital startups, to bring an exciting new car sharing concept to Bahrain. The app allows users to book vehicles of their choice, unlock them via their smartphones or membership cards, and return them to designated locations after use. The service will be piloted in Bahrain in Q2 2017 before being rolled out across the MENA region, and will enable Zain Bahrain to tap into a market that is forecast to reach as high as US$30 billion worldwide by 2020.
Zain Bahrain took part in the Mobile World Congress (MWC) in Barcelona, where its booth was visited by Bahrain’s Minister of Transportation and Telecommunications, HE Engineer Kamal bin Ahmed. The Minster held talks with Zain Group Executive Management and Zain Bahrain General Manager, Mohammed Zainalabedin, in which they discussed the telecommunications industry in Bahrain and its role in driving development and creating economic opportunities. They also discussed the groundbreaking future technologies and services being offered by Zain.