Manama: Zain Bahrain (BSE: ZAINBH), reported a net profit of BD5.404 million at end of 31st December 2020, representing an annual increase of 3% from BD5.269 million compared to the year ended on December 31 2019.
Earnings per share for the year stood at 15 fils compared to 14 fils in 2019, a 3% increase, according to Zain which announced financial results for the fourth quarter (Q4 2020) and full year ended 31 December 2020.
For Q4 2020, the operator reported net profit of BD1.698 million for the three-month period ending, up an impressive 17% from BD1.454 million for the same period in 2019. Earnings per share for the quarter reached 5 fils up from 4 fils in Q4 2019. Revenues for the same period decreased by 8% from BD17.106 million to BD15.739 million. Operating profit in Q4 2020 amounted to BD1.936 million, up 14% from BD1.697 million recorded in Q4 2019.
Zain Bahrain generated revenues of BD61.991 million compared to BD62.894 million in 2019, a 1% annual decline. Operating profit for the period was stable at BD6.339 million, compared to BD6.340 million for 2019.
On the balance sheet level, Zain Bahrain’s total equity at the end of 2020 amounted to BD75.482 million, up 4% from BD72.260 million in 2019. The value of the company’s assets at the end of 2020 amounted to BD125.731 million, up by 6% from BD118.738 million as of 31 December, 2019.
Zain Bahrain’s Board of Directors is recommending distributing annual dividends to shareholders representing 6% of the company’s paid-up capital, equivalent to 6 fils per share, subject to the AGM approval.
“Despite the challenges brought about by the pandemic, 2020 was another year of growth for our company thanks to our resilient policies and business approach and the dedicated efforts of our human talents. As a leading telecom operator in the Kingdom, Zain Bahrain continued to deliver on its promise to provide the best technology and solutions, ensure the best customer service, and meet the growing demands of an increasingly digital market,” Shaikh Ahmed bin Ali Al Khalifa, Chairman Zain Bahrain, said.
“In 2020, we were proud to have launched and expanded our 5G commercial services, offering incredible mobile experiences to our customers, accelerating new innovative business models and unlocking opportunities for many sectors. And in a year that saw online service channels and remote support take a center stage, we improved our smart branch self-service machines, enhanced our AI web chat robot zBot, and launched the Be Safe initiative to enable customers to utilize all Zain Bahrain’s digital channels in a secure manner from the relative safety of their homes.”
“As we enter a new year, Zain Bahrain will continue to strengthen its product portfolio and content ecosystem and play a key role in developing Bahrain into a leading technology and economic hub in the region in line with the Kingdom’s 2030 Vision,” Shaikh Ahmed, added.
