Riyadh – Mubasher: Mobile Telecommunications Company Saudi Arabia (Zain) achieved a net profit of SAR 8 million in the second quarter of 2017 against a net loss of SAR 328 million in the same quarter a year ago.
Total revenues increased by 8% to SAR 1.87 billion in Q2-17 from SAR 1.73 billion in Q2-16.
The positive financial results are attributed to an increase of SAR 146 million in gross profit as a result of positive management actions and higher demand for the company's products and services, according to a bourse statement issued on Sunday.
Zain noted that the profitable turn in Q2 financial statements resulted from a drop in repayment as a result of extending the company’s licence by an additional 15 years.
During the first six months of 2017, Zain Saudi Arabia recorded a profit of SAR 53 million against a loss of SAR 578 million in the same half a year ago, the statement said.
Total revenues grew by 8% in H1-17 to SAR 3.78 billion from SAR 3.49 billion in H1-16.
It is noteworthy that Zain achieved a profit of SAR 45 million in Q1-17 versus a loss of SAR 250 million in Q1-16.
