Zain Group 2024 Net Income grows 15%
Zain Group, a leading provider of innovative ICT technologies and digital lifestyle communications, announces its consolidated financial results for the full-year 2024 (FY-24), and fourth-quarter (Q4-24) ended 31 December 2024.
For FY-24, Zain Group generated consolidated revenue of KD 2 billion (USD 6.4 bn), up 3% YoY. Consolidated EBITDA for the period reached KD 689 million (USD 2.25 bn), with normalized EBITDA growth of 2% (excluding number range claim in 2023), reflecting an EBITDA margin of 35%. Consolidated net income reached KD 208 million (USD 677 m), representing normalized net income growth of 15%, when adjusted for number range claim and Tower transaction gain in 2023 and gain on business combination from acquisition of IHS (Kuwait TowerCo) in 2024. Earnings per share amounted to 48 fils (USD 0.16).
Dividend recommendation. Zain Group recommended a cash dividend of 25 fils per share for the second half of 2024. This dividend follows the semi-annual dividend of 10 fils distributed in Q4-24, totaling 35 fils per share for the year and reflecting a 73% payout ratio, one of the highest among listed entities in the region and in line with the Board's previously committed minimum cash dividend policy of 35 fils in total, for three years that commenced in 2023 and ends in 2025.
Furthermore, the Board made another recommendation to renew the minimum annual cash dividend policy of 35 fils in total, for the forthcoming three years commencing in 2026, subject to Annual General Assembly and statutory approvals.
For Q4-24, Zain Group generated consolidated revenue of KD 526 m (USD 1.7 bn), up 7% YoY. EBITDA for the quarter reached KD 184 million (USD 599 m), reflecting an EBITDA margin of 35%. Normalized net income soared 120% to reach KD 72 m (USD 235 m), representing earnings per share of 17 fils (USD 0.05).
The operator generated revenue of USD 205 m in Bahrain, up 7% YoY. EBITDA increased 5% to reach USD 63 million, reflecting an EBITDA margin of 31%. Net income grew 2% to reach USD 15.7 m, with data revenue growing 6% to represent 46% of total revenue.
Commenting on the 2024 full year results, the Chairman of the Board of Directors of Zain Group, Mr. Osamah Al Furaih said, 'The Board will continue to invest in network expansion, technologies, strategic business opportunities, and talent to ensure the company reaps the rewards of the ever-growing mobile and ICT sector.'
Zain Vice-Chairman and Group CEO, Bader Al-Kharafi commented, 'These robust results are due to the successful implementation of our 4SIGHT strategy that has positioned Zain among the top 15 global telecom entities in creating shareholder value over the last 5 years.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
2 days ago
- Daily Tribune
Cash, celebration and a grand prize
TDT | Manama Al Baraka Islamic Bank marked Eid Al Adha with a celebration of loyalty and good fortune, awarding its June Grand Prize worth USD 120,000 and naming 50 additional winners of Eid cash rewards under its Al Barakat Investment Account programme. The headline prize, structured as a monthly salary of USD 10,000 for one full year, went to Mr. Sayed Hadi Mohsen Alawi. His name was drawn in a public raffle held at the bank's Bahrain Bay headquarters, where customers, auditors, and officials from the Ministry of Industry and Commerce were present. Branch visitors also took part in the process by helping randomly select winners. Banking with rewards Alongside the main winner, 50 Al Barakat customers received Eid Al Adha cash prizes of USD 500 each. The festive timing and scale of the draw underscored the Bank's message of inclusivity, customer appreciation, and community celebration. Chief Retail Officer Mazin Dhaif noted that the Al Barakat Account continues to turn clients' savings into opportunities. He described the prize scheme as more than a financial reward, calling it 'a life-enhancing tool' that reflects the Bank's commitment to rewarding loyalty through Shari'a-compliant savings. Largest prize pool With a total prize pool of USD 4 million in 2025, the Al Barakat scheme stands as the largest of its kind in Bahrain's Islamic banking sector. The bank said the programme is designed to strengthen customer trust by blending consistent saving habits with chances to win valuable rewards. The Al Barakat Investment Account is available via the Bank's mobile app with a minimum deposit of BD 50 or USD 135. Accounts can also be opened for minors through a legal guardian. All cash prizes are awarded under Shari'a guidelines, reinforcing Al Baraka's promise of ethical banking that uplifts its community.
Daily Tribune
2 days ago
- Daily Tribune
Zain Bahrain honours Loyalty Champion
TDT| Manama Aaya Ahmed Abdulla Mansoor Mahfoodh Hujair, a retail sales employee at Zain Bahrain, has become the company's first winner under the Kingdom's new national 'Loyalty Rewards' initiative, marking a milestone in Bahrain's drive to boost employee recognition and workplace belonging. Aaya, who has worked with Zain Bahrain for two years, was named among the first cohort of recipients in the programme and received a BD 300 reward. The award celebrates dedication and service, with Aaya expressing her gratitude and saying the recognition made her feel valued and encouraged. Recognition leadership Zain Bahrain is the first telecommunications company in the Kingdom to participate in the Loyalty Rewards programme, which was launched in partnership with Hope Talents. The company said the initiative aligns with its broader internal culture that prioritises appreciation, motivation, and talent development. The Loyalty Rewards programme is designed to promote a sense of purpose and belonging across Bahrain's workplaces by rewarding long-term commitment and performance. It complements Zain's existing employee recognition strategy, which includes regular internal acknowledgements of innovation, excellence, and service. Shaping culture The initiative reflects a growing trend among leading companies in Bahrain to create more engaging and human-centred work environments. Zain's participation underlines the role of the private sector in national efforts to improve workforce satisfaction and reduce turnover.
Daily Tribune
5 days ago
- Daily Tribune
Al Baraka posts strong quarterly turnaround
TDT | Manama Al Baraka Group has reported a strong financial turnaround in the first quarter of 2025, reversing last year's losses and delivering a 19% rise in net income attributable to shareholders. The Group registered USD 34 million in total comprehensive income during the quarter, a sharp contrast to a USD 60 million loss in the same period of 2024. Earnings rebound The Group's net income attributable to the parent company's shareholders rose to USD 46 million in Q1 2025, up from USD 39 million last year. Total net income also saw a 19% increase, reaching USD 91 million. Executives credited the gains to rising financing volumes, expanded activity in key markets including Turkey, Jordan, and Egypt, and lower foreign currency translation losses. Basic earnings per share improved to 3.84 US cents, compared to 3.23 US cents in Q1 2024. Strengthening capital Al Baraka's total equity attributable to shareholders and sukuk holders rose 2% to reach USD 1.28 billion, while total equity grew to USD 2.03 billion by the end of March. The Group also recorded a 4% increase in total assets, which stood at USD 27.24 billion, driven by stronger customer deposits and business growth in core markets. Chairman Sheikh Abdullah Saleh Kamel said the Group's performance was anchored in its commitment to strategic expansion, disciplined risk oversight, and continued support for the communities it serves. Innovation focus Group CEO Houssem Ben Haj Amor highlighted the Group's resilience in the face of global uncertainty, citing its focus on long-term financial sustainability, investment returns, and digital banking innovations. Recent initiatives such as the 'Trade Finance Platform' and 'Borderless Banking' are part of the Group's drive to enhance competitiveness across its international network. With operations in 13 countries and over 600 branches, Al Baraka continues to position itself as a key Islamic financial player committed to growth and innovation in a changing global environment.
