Zain Bahrain, a telecommunications industry innovator in the Kingdom, announced its financial results for the second quarter (Q2 2023).
Zain Bahrain added 127 thousand customers to serve a total of 1.14 million, a 12.5% Year on Year growth.
The operator reported a net profit of BD 1.32 million for the three months ended 30 June 2023, representing an increase of 3.2% Year on Year growth compared to BD 1.28 million in Q2 2022. Earnings per share remained stable at 4 fils. EBITDA for Q2 2023 increased by 1.7% reaching BD 5.44 million compared to BD 5.35 million in Q2 2022.
Revenue for Q2 2023 increased by 15.7% reaching BD 18.95 million compared to BD 16.39 million in Q2 2022. Data Revenue for Q2 2023 increased by 8.6% compared to Q2 2022.
For the six months ended 30 June 2023, Zain Bahrain reported net profit of BD 2.75 million, representing a 3.6% decrease from BD 2.85 million in the same period as in 2022. Earnings per share stood at 8 fils, the same as in 2022. EBITDA for the six months ended 30 June2023 remained relatively stable.
Revenue for the first six-months of 2023 reached BD 37.12 million, an increase of 10.5% compared to BD 33.59 million for the same period in 2022. Data Revenue for the first six months of 2023 increased by 7.0% compared to the same period in 2022.
With regards to Zain Bahrain’s balance sheet, the total equity at the end of Q2 2023 is BD 82.64 million, compared to BD 83.17 million for the year ended 31 December 2022, a slight decrease of 0.6%. The operator’s assets as of 30 June 2023 stood at BD 134.89 million, a decrease of 3.4%. from BD 139.63 million as of 31 December 2022.
Our second quarter results demonstrate the resilience and the success of Zain Bahrain as we continue the expansion of our network, including in seven new areas in Bahrain, allowing residents to enjoy the best 5G and 4G mobile experience. We have also made a great achievement this quarter, increasing our global roaming pass coverage by adding Brunei, making Zain the widest global data roaming pass coverage telco in the Kingdom. Another milestone is the launch of our new Arabic eShop version. It is the first for a telecom company in the Kingdom. This milestone is a significant step in our efforts to expand our digital presence, bring convenience to our diverse customers, and meet their latest evolving needs.His Excellency Shaikh Ahmed bin Ali Al Khalifa, Chairman, Zain Bahrain
Moreover, we are pleased to report that our sustainable connectivity initiatives continue to impact our business and the communities we serve positively. We have reduced our carbon emissions with our new renewable power source solution, using hybrid electrical power solutions between generators, batteries, and solar panels at one of our commercial 5G sites. We have also recently deployed Ericsson’s New 5G Hardware that is expected to save up to 18% more energy and weigh less than earlier generations of 5G radios, contributing to a better sustainable future. Our investments in renewable energy and green technologies have reduced our environmental impact and resulted in substantial cost savings, contributing to our sustainable business practices.
Zain Bahrain remains committed to staying at the forefront of the telecommunications industry, delivering innovative solutions and exceptional services to its customers while upholding our responsibilities towards sustainability. We are confident that our continued efforts towards digital transformation will drive our growth and success in the years to come.