Kuwait – Mubasher: Zain Group announced Sunday its financial results for the first quarter of 2016, showing that net profit fell by 9.3% to KWD 37.3 million ($123.6 million), from KWD 41.1 million ($138.5 million) in the corresponding period a year ago.
The group’s Q1 consolidated operating revenues amounted to KWD 277 million, down from KWD 279 million in the prior-year period.
Moreover, EBITDA rose 5% to KWD 123 million, from KWD 117 million, while EBITDA margin rose to 44% from 42%.
Chairman Asaad Al-Banwan said the interim financial indicators showed relatively stable figures compared with those recorded in 2015, in light of challenges seen in some of the group’s markets especially in Iraq.
Zain’s FY15 earnings slipped to KWD 154 million, from KWD 194.3 million in 2014.
