RIYADH: Saudi telecom firm Zain KSA has seen a 17.7 percent decrease in net profit in 2021 as COVID-19 driven repercussions weighed on revenues.
Net profit dropped to SR214 million ($57 million) on an annual basis, according to a filing to Saudi Exchange, Tadawul.
The decline was due to a 22 percent rise in revenue cost, resulting in a cumulative 10.3 percent decrease in gross profit, the homegrown firm said in a bourse statement.
Revenues remained almost unchanged, weighed down by the pandemic limiting Umrah visits, but compensated by a growth in business to business and 5G network revenues, it added.
That said, the firm managed to narrow operating expenses by SR247 million and limit finance costs by SR409 million, buoyed by debt restructuring.
Headquartered in Riyadh, Zain KSA became the Kingdom’s third mobile network operator when it launched in 2008.
