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Mobile Telecommunication Company Saudi Arabia announces its Interim Financial results for the Period Ending on 31-03-2024 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,535 | 2,422 | 4.665 | 2,543 | -0.314 |
| Gross Profit (Loss) | 1,545 | 1,415 | 9.187 | 1,477 | 4.603 |
| Operational Profit (Loss) | 251 | 191 | 31.413 | 108 | 132.407 |
| Net profit (Loss) | 67 | 1,137 | -94.107 | -54 | - |
| Total Comprehensive Income | 68 | 1,131 | -93.987 | -89 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 10,659 | 10,934 | -2.515 |
| Profit (Loss) per Share | 0.07 | 1.27 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Zain KSA witnessed an increase in revenue by SAR 113 million (4.67%). This increase was due to the growth in B2B sales, 5G services, Wholesale in addition to the growth on “Tamam” businesses. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit for the period was lower than the same period in 2023 by SAR 1,071 million, since the company has recognized the full gain from the tower transaction in Q1 2023 for the amount of SAR 1,144 million which resulted to a restatement of Q12023. Despite the increase in Finance cost by SAR 7 million. Net profit before zakat reached SAR 79 million in Q1-2024 as compared to SAR 24 million in Q1-2023 (excluding the gain from Tower transaction of SAR 1.1 billion) resulting in an increase of SAR 55 million underlined with a growth in EBITDA of 11% equivalent to SAR 74 million. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Zain KSA Q1 2024 revenue is slightly lower than Q4 2023 by SAR 8 million mainly due to the reduction in equipment revenue. Remarkably that TAMAM revenue witnessed a growth of 20% equivalent to SAR 14 million. Yet Zain KSA Gross Profit increased by SAR 68 million as compared to Q4 2023. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The net profit of the period was SAR 67 million compared to the net loss of SAR 54 million in Q4 2023, an increase of SAR 121 million. This is due to a growth in operating profit of SAR 251 million compared to SAR 108 million in Q4 2023 an increase of 131.3% resulted from a decrease in Expected Credit Loss (ECL). |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | There has restatement of some components in the profit and loss statement as the accounting of the tower transaction was revisited in Q4 2023 due to the significant judgements and estimations involved in assessing the transfer of control to the tower transaction. There is no impact of the above-mentioned restatement and reclassifications on the consolidated financial statement reported and issued as of 31 December 2023 as all necessary adjustments required have already been accounted for in consolidated financial statements for the year ended 31 December2023, during Q42023. |
| Additional Information | The total CAPEX investment for Q1 2024 amounted SAR 52 million to the further enhance customer experience and the quality of services. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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