Zain Bahrain, a leading telecommunications provider in the Kingdom, reported a net profit of BD1.722 million (US$4.556 million) for the three months ending 31 March 2019, representing a 55% increase year-on-year (Y-o-Y) from BD1.108 million (US$2.931 million) in the same period 2018. Operating profit in Q1 2019 increased 64% Y-o-Y from BD1.127 million (US$2.981 million) to BD1.852 million (US$4.899 million). The positive results underline the success of Zain Bahrain’s efficiency and cost optimization initiatives, as well as profitable data monetization activities in the company’s Enterprise (B2B) and consumer customer segments.
These results were achieved despite a 6% decline in total revenues in Q1 2019 to BD15.615 million (US$41.31 million) from BD16.684 million (US$44.138 million) in Q1 2018. Earnings per share increased 67% Y-o-Y in Q1 2019 to 5 fils from 3 fils in Q1 2018.
At the balance sheet level, Zain Bahrain’s total equity at the end of Q1 2019 stood at BD68.714 million (US $181.783 million), down 2% from BD 70.213 million (US $185.749 million) in Q1 2018. The company’s assets for the three-month period ending 31 March 2019 amounted to BD 107.556 million (US $284.540 million), up 13% Y-o-Y from BD 94.803 million (US $250.802 million) in Q1 2018.
Commenting on the results, Zain Bahrain Chairman, His Excellency Shaikh Ahmed bin Ali Al Khalifa said, “Zain Bahrain has begun this year on a high note, continuing the strong performance we experienced in 2018. Our strategy of delivering compelling services and innovative solutions to our customers, based on the needs of an increasingly connected world and an evolving telecommunications sector, enables us to reaffirm our position as a leading digital operator in the Kingdom of Bahrain. We remain committed to pursuing excellence in our operations and customer experience, with a focus on adopting state-of-the-art technologies that enable us to better serve the needs of our customers across the Kingdom.”
Key achievements at Zain Bahrain in Q1 2019
- Signed a cooperation agreement with Majra, a Bahraini platform created for young job seekers and students to make better career choices based on passion, fulfillment and every aspect of the interviewing experience. Zain Bahrain will have its own page on Majra’s website that will feature interviews with Zain Bahrain’s management team, who will discuss available opportunities within the company, as well as sharing work environment expectations, and interview tips with Zain youth employee members who will also discuss their work experience and career growth within the company.
- Expanded long-term partnership agreement with the Gulf Hotels Group (GHG) to provide its newest property, the Gulf Executive Residence-Juffair, with high-speed internet access and state-of-the-art telecom connectivity solutions. The long-term agreement is an example of Zain Bahrain’s strategy to offer innovative services to its customers and tap into new business markets, as well as to cater to the needs of the wider community in the Kingdom.
- Announced the launch of its ‘Match and Win’ promotion, giving Zain Bahrain customers the chance to win exciting prizes through the Zain Bahrain app.
- Zain Bahrain was Gold Sponsor and Official Telecom Partner of the Unbound Innovation Festival, the anchor event of Startup Bahrain Week that celebrates the Kingdom’s commitment to fueling a digital future for the MENA region.
- The company hosted a panel discussion on ‘diversity in the workplace’ in partnership with C5 Accelerate, which emphasized the importance of diversity in the workplace, how companies can align diversity practices with their organizational goals and whether diversity is an inclusion fad or a competitive advantage. The event also highlighted cultural barriers and gender bias challenges in the workplace and how can organizations avoid such issues when recruiting.
- Telecom sponsor of Bahrain Comic-Con, the Kingdom’s biggest pop culture convention. Zain Bahrain provided internet access through Zain WiFi for event attendees, supported the event’s gaming area, and offered prizes for competitions held throughout the weekend-long convention. In addition, Zain Bahrain showcased its broadband connectivity and offered virtual reality experiences.