The Clap
Zain’s (7030) profit jumped by 41% in Q3 2022.
The Deets
The company recorded a net profit of SAR 85 million, a YoY increase compared to SAR 60 million during Q3 2021. By the end of the first 9 months, profit increased to SAR 299 million from SAR 143 million YoY.
Profits
The increase in Zain’s profits came as a result of the growth in its revenues from the business sector and 5G services and the return of international visitors to work and for Umrah, after easing the precautionary measures related to the pandemic.
Expenses
The cost of sales increased by 34%, while operating expenses saw a 15% decrease, offset by a decrease in amortization and depreciation expenses by SAR 271 million, related to the announced offers to acquire stakes in the infrastructure of Zain’s towers.
