Zain Group 2024 Net Income grows 15%
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.'
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