Kuwait-based Zain Group has recorded KD50 million ($165 million) in net profits in the first half of 2022, representing a 22 percent year-on-year growth, it said in a statement.
The financial results come as the telecom provider ramps up investments in 4G and 5G network upgrades expansion, as well as its aggressive approach to venturing out of the telecom space.
“The Board and management are focused on driving sustainable shareholder value through strong environmental, social and governance (ESG) practices, diligent investments in 4G and 5G network upgrades expansion, and seeking new lucrative business verticals to drive growth,” Ahmed Al Tahous, Zain Group’s chairman of the board of directors, said.
The company’s 5G network in Kuwait recorded a 9 percent increase in customers, pushing its profits up. It also offers 5G services in Saudi Arabia and Bahrain. It plans to rollout these services in Iraq, Jordan, and Sudan as well.
Aside from providing telecom services, Zain Group has been venturing out into other digital offerings, which the company said contributed greatly to the H1 results.
“The healthy revenue and net income growth across multiple key markets vindicates the strategic investments we have made over recent years in network upgrades and cutting-edge digital platforms,” Bader Al Kharafi, Zain’s group chief executive officer, said in a release.
Zain Group has grown to offer business-to-business tech services, an Application Program Interface platform, as well as an e-sports tournament platform.
The Kuwaiti firm said it has also applied for a digital banking license in Kuwait, as it aims to be a “leading telco-led challenger bank in Kuwait.”
“We are focused on fostering innovation and building on our success in the fintech space, given the exceptional accomplishments of Tamam in Saudi Arabia, Zain Cash in Iraq and Jordan, as well as MGurush in South Sudan,” Zain’s Al Kharafi said.
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