Zain Group announced its consolidated financial results for the year 2015 and fourth quarter ended 31 December, 2015.
Zain served 45.6 million customers at the end of the period, reflecting a 3% increase year-on-year.
For the full-year 2015, Zain Group generated consolidated revenues of USD 3.78 billion, down 6% year-on-year, while consolidated EBITDA for the period reached USD 1.66 billion, relatively stable Y-o-Y, reflecting a healthy EBITDA margin of 44%. Consolidated net income reached USD 513 million, down 21% reflecting Earnings per Share of USD 0.13.
The Board of Directors of Zain Group recommended a cash dividend of USD 0.10 per share subject to the Annual General Assembly and regulatory approvals. Additionally, shareholders' equity stood at USD 5.09 billion as at 31 December, 2015.
For the fourth quarter of 2015, Zain Group recorded consolidated revenues of USD 933 million, a decline of 3% on the same period of the previous year. EBITDA for the quarter reached USD 418 million, up 7% Q-o-Q, reflecting a healthy EBITDA margin of 45%. Net income for the quarter reached USD 119 million, up 8% Q-o-Q, reflecting Earnings per Share of USD 0.03.
Commenting on the results, the chairman of the Board of Directors of Zain Group, Mr. Asaad Al Banwan said: ""The Board is working closely with the executive management to overcome the many challenging socio-economic factors in a number of our markets, particularly with regard to the social unrest in Iraq and the intense price competition in Kuwait. The positive performances in Bahrain, Jordan, Saudi Arabia and Sudan underline that the company's strategy is fundamentally sound in driving the business forward and we shall continue managing the highly changeable environments we face in a pragmatic and effective manner.""
Zain Group CEO, Scott Gegenheimer, said: ""Zain Group remains resilient to the wider challenges facing a number of its markets, and the region in general. It is unfortunate that some factors outside of our control have impacted overall performance for the year considering the sound operational progress and transformation we have undertaken across all our markets. Nevertheless, we are pleased with the progress of our data monetization initiatives and draw much confidence from the growth in the uptake of data services, which now account for 20% of overall service revenues, and the Group will continue to foster and develop this key area of the business.""