Zain Group announces its consolidated financial results for the full-year 2022, and fourth quarter ended 31 December, 2022. The Group ended the year with a customer base of 52.4 million, an annual increase of 7%, reflecting an addition of 3.5 million customers.
For the full-year 2022, Zain Group generated consolidated revenue of KD 1.7 billion (USD 5.6 billion), a year-on-year (Y-o-Y) increase of 14%. Consolidated EBITDA for the period increased by 7% Y-o-Y, to reach KD 673 million (USD 2.2 billion), reflecting an EBITDA margin of 39%. Consolidated net income reached KD 196 million (USD 640 million), up 6% Y-o-Y and reflecting earnings per share of 45 fils (USD 0.15).
The Board of Directors of Zain recommended a cash dividend of 25 fils per share for the second half (H2) of 2022.This dividend follows the semi-annual dividend of 10 fils distributed earlier in 2022, totaling 35 fils per share for the year and reflecting a 78% payout ratio, one of the highest of listed entities in the region. Furthermore, the Board made another recommendation to implement a minimum semi-annual and annual cash dividend policy of 35 fils in total, for the forthcoming three years, both recommendations are subject to Annual General Assembly and statutory approvals.
It is worth noting that the total recommended cash dividends of 25 fils for H2, 2022 and 35 fils each year for the next three years, will total 130 fils in cash dividends. This expected distribution based on the current share price of Zain as of 13 March 2023, will reflect an average annual yield of approximately 8% for entitled shareholders for the three-year period.
A challenging year where the Board and management focused on operational efficiency, ESG initiatives, and the development of lucrative business verticals to drive shareholder value among many other key initiatives. I would like to recognize the government bodies and regulatory authorities in Kuwait and across our markets for their foresight in creating a conducive environment that supports the telecom sector and empowers Zain to provide meaningful connectivity to the communities, businesses, and governments we serve.Mr. Ahmed Al Tahous, Chairman, Board of Directors of Zain Group
The impressive results for the 4th quarter and full-year of 2022 are a culmination of many cost optimization, digital innovation, and data monetization initiatives executed, bolstered by 5G network upgrades, lucrative enterprise deals, tower sales, proactive regulatory and sustainability practices implemented across our footprint in accordance with our 4Sight strategy, all of which are combining to future-proof the company.Bader Al-Kharafi, Vice-Chairman and Group CEO, Zain