Saudi Mobile Telecommunications Company “Zain”, the third mobile operator in the Kingdom, achieved historic profits, announcing a 157% growth in profits to reach 550 million riyals in 2022, compared to 214 million riyals in 2021.
Zain, in a statement today, Sunday, attributed the reason for this to achieving the highest revenues in the company’s history, which amounted to 9.1 billion riyals, an increase of 15% over the revenues of 2021, which amounted to 7.9 billion riyals.
She indicated that this increase is due to the growth in business sector revenues, fifth generation services and the return of international visitors (for Umrah and business) after easing the restrictions of the COVID pandemic, in addition to the growth in the revenues of Tamam Finance.
She added that despite the increase in the cost of revenues by 25%, the total profit increased by 9%, an increase of 431 million riyals.
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