Zain Bahrain, a leading telecommunications provider in the Kingdom, announced its financial results for the first nine months ending 30 September 2022 including the third quarter (Q3 2022). For the three months, the company reported a net profit of BD1.580 million in Q3 2022, reflecting a 2% decrease year-on-year (Y-o-Y) from a net profit of BD1.613 million for the same period in 2021. Earnings per share for Q3 2022 remained at 4 fils per share similar over the same period in 2021. Revenues for Q3 2022 amounted to BD16.966 million, a 11% increase as compared to BD15.292 million in Q3 2021. Operating profit in Q3 2022 saw a slight decrease of 1% to BD1.797 as compared to BD1.824 million recorded in Q3 2021.
For the nine-month period ending September 30, 2022, Zain Bahrain reported net profit of BD4.432 million, representing an increase of 1% Y-o-Y from BD4.387 million for the same period in 2021. Earnings per share remained steady at 12 fils for the nine months in 2022 as compared to 2021 for the same period. Zain Bahrain generated revenues of BD50.552 million during the first nine months of 2022, an increase of 5% Y-o-Y as compared to BD48.020 million for the same period in 2021. Operating profit for the nine-month period in 2022 reached BD5.016 million, a 1% decrease on the BD5.047 million recorded in 2021.
At a balance sheet level, Zain Bahrain’s total equity as of 30 September 2022 grew to BD81.893 million, up by 4% from BD78.872 million for the year ending 31 December 2021. The value of the company’s assets at the end of Q3 2022 stood at BD129.449 million, a decrease of 1% from BD131.076 million as of 31 December 2021.
This robust performance again proves that our long-term business strategy remains effective as we continue enhancing our network and executing strongly against the market challenges and competition. We are committed to continuing this growth momentum to enhance our customers’ digital lifestyle aligning with Zain Bahrain’s mission to deliver cutting-edge digital experience and playing our vital role in the Kingdom’s smart vision 2030. We have also continued to invest in the Bahraini workforce and provide growth opportunities for the youth at Zain Bahrain. We have maintained a Bahrainization level of 93.3% including 172 talented youth employees, which contributes to developing their career skills and increasing their competitive capabilities in the local and international market.
During the quarter, we completed several major initiatives in an expedited manner. We continued our commitment to sustainability by upgrading our network stations to the latest generation Massive MIMO radios, which has been proven to save up to 15% of site-level power consumption, contributing to achieving a more sustainable business. Zain was the first telco to deploy this solution in the Middle East and Africa. We entered an MoU with Primary Healthcare Centers and Bahrain Deaf Society to launch the first Sign Language Health Video Call Center for the Hearing Impaired in the Kingdom, demonstrating our inclusivity commitment to serving all segments of society and granting them access to all services easily and independently.
Another first was the deployment of our Nationwide Narrowband-IOT (Internet of Things) network, creating an exciting ecosystem for customers and enterprises. Zain Bahrain will continue to provide innovative products and solutions, investing in advanced networks to provide the community we serve with timely and future-proof technology. With our strong commitment to digitalization and 5G, we are well positioned to introduce compelling new technologies, creating value for all.
H.E Shaikh Ahmed bin Ali Al Khalifa, Chairman, Zain Bahrain
