Zain Bahrain, have announced its financial results for the fourth quarter (Q4 2022) and full year ended 31 December 2022.
For Q4 2022, Zain Bahrain reported a net profit of BD1.28 million representing an 8% increase compared to BD1.19 million for the same period in the previous year. Earnings per share for Q4 2022 jumped to 4 fils compared to 3 fils in Q4 2021. Revenue, meanwhile, stood at BD16.81 million, representing a 0.2% increase compared to BD16.77 million for the same period in the previous year. Operating profit for Q4 2022 reached BD1.43 million, up by 2% from BD1.40 million in Q4 2021.
The company reported a 2.6% increase in net profits to BD5.71 million for the year ended 31 December 2022, compared to BD5.57 million in the previous year. Earnings per share stood at 16 fils for the year ended 31 December 2022, a 2.6% increase from 15 fils compared to the previous year. Revenue generated in 2022 amounted to BD67.36 million, a 4% jump from BD64.78 million in 2021. Operating profits remained stable at BD6.45 million.
Zain Bahrain’s total equity as of 31 December 2022 amounted to BD83.18 million, up by 5.5% from BD78.87 million at the end of 2021. The Company’s asset base stood at BD139.63 million, a 6.5% increase from BD131.08 million in 2021. Zain Bahrain’s Board of Directors recommend annual dividends representing 9% of the company’s paid-up capital, equivalent to 9 fils per share, subject to the Annual General Meeting approval.
Zain Bahrain’s fourth quarter and end of the year results reflect progress toward the company’s overall strategic growth vision. 2022 has been an exciting year for the business, with Zain Bahrain having executed several initiatives to enhance its network, accelerating business innovation and digital transformation. The positive impact of these initiatives has positioned the company to capitalize on new opportunities expected to drive profitability in 2023.
Our operational progress in the 4th quarter saw Zain Bahrain become the first operator in the Kingdom to successfully launch the trial of advanced 5G mmWave technology, delivering an improved user experience through mobile broadband hotspots and home broadband. Furthermore, our partnership with ZainTech, the one-stop digital and ICT solutions powerhouse of Zain Group, offering managed solutions, including cloud, cybersecurity, AI, big data, smart cities, and drone services, will support Vision 2030, accelerating the digital transformation of enterprises and government entities in Bahrain.
Zain Bahrain will continue to seek innovative solutions in implementing its vision to transform the way organizations and investors connect, communicate, and engage. We remain extremely confident in the ability of our comprehensive strategy to achieve superior growth, drive digital transformation, and create next-generation solutions across the Kingdom.H.E Shaikh Ahmed bin Ali Al Khalifa, Chairman, Zain Bahrain