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Mobile Telecommunication Company Zain Saudi Arabia announced its financial results for the fourth quarter ending December 31, 2016.

Zain Saudi Arabia reported an 8% increase in revenues to reach SAR 1,801 million in Q4 2016, up from SAR 1,672 million a year earlier. Revenues for the twelve-months of 2016 grew by 3% reaching SAR 6,927 million, up from SAR 6,741 million for the same period in 2015.

Gross profits for Q4 2016 reached SAR 1,142 million, up 7% compared to SAR 1,065 million in Q4 2015, and up 8% compared to SAR 1,061 million in Q3 2016. The company reported steady gross margin at 63% compared to 64% during Q4 2015, whilst gross profits during the twelve-month period reached a record SAR 4,401 million increasing by 11% up from SAR 3,951 million during the same period of last year, with gross margin of 64% improved compared to 59% the previous 12 months period.

The company reported a significant 21% increase in EBITDA in Q4, 2016 to reach a record SAR 490 million, up from SAR 405 million during the same quarter of 2015. EBITDA for the 12 months of 2016 amounted to a record SAR 1,795 million, up 10% on SAR 1,629 million recorded in the same period of 2015.

EBITDA margin rose in Q4 2016 to 27% compared to 24% in Q4 2015, while reaching 26% for the twelve months of 2016 compared to 24% in 2015.

The company recorded an operating profit of SAR 87 million during Q4 2016, up from a loss of SAR 82 million in the same quarter in 2015, Q4 2016 includes the incorporation of the relevant amortization savings associated with the 15-year license extension.

Net losses for Q4 2016 were narrowed by 54% to SAR 135 million, down from SAR 291 million during Q4, 2015, and by 49% compared to SAR 267 million in Q3 2016 reflecting the lowest net loss since inception. Net losses for the twelve-month period increased by 1% in 2016, reaching SAR 980 million, up from SAR 972 million a year earlier.

The fourth quarter also marked the end of the arbitration process between Zain and Mobily, with the final judgement of the arbitration panel being fully provided in the accounts.