Middle East telecommunications giant Zain Group have announced their 2018 financial results, with developments in Iraq's economy assisting the company to deliver significantly increased revenues and profits.
In a press release on their website, Zain summarised:
"The improving socio-economic situation sweeping the country is providing the much-needed stimulus to support Zain Iraq’s turnaround efforts. The operation performed exceptionally well when compared to the previous year. Revenues and net profit are consistently growing on a quarter-on-quarter basis, with full-year revenues reaching USD 1.1 billion, a 3% increase Y-o-Y and EBITDA reached USD 423 million, up 11%. The operation reported a net profit of USD 49 million, up 70% Y-o-Y compared to a profit of USD 29 million in the previous year, with EBITDA margin standing at 37%. The expansion of 3.9G services across the country and restoration of sites in the West and North (97% of all sites restored to date), combined with numerous customer acquisition initiatives, especially in core regions, resulted in an impressive addition of 1.3 million customers (9% increase) to reach 16 million. Another contributing factor to the operation’s financial revival included cost optimization initiatives in areas such as repair and maintenance, as well as the significant growth of data revenues, robust growth in the Enterprise (B2B) segment and the revamping of Zain Iraq’s call centers, which significantly improved customer service."
Source: Zain Group