Zain records 7% rise in profit

Kuwait-based operator Zain on Tuesday reported a seven per cent year on year increase in net income for the first nine months of 2011, to reach $762.5m, supported by a 2.2 per cent increase in revenues to reach $3.6bn.

The Middle Eastern carrier, which offloaded its extensive African assets in 2010, added 6.1 million customers over the past 12 months, a 17 per cent increase. The company’s total active customer base is now 41.4 million.

Commenting on the results, chairman Asaad Al Banwan said, “These solid results justify the many prudent decisions recently adopted by the board and the executive management that focus on maximising shareholder value. Despite intense competition and the lingering effects of the global economic crisis, the continuous growth in several key financial indicators is indicative of the successful operational efficiency drive implemented by the company.”