kuwait telecoms giant zains profits fall over sudan iraq
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Kuwait telecoms giant Zain's profits fall over Sudan, Iraq

Arab Today, arab today

Arab Today, arab today Kuwait telecoms giant Zain's profits fall over Sudan, Iraq

Zain is the largest mobile phone operator in Kuwait
Kuwait City - AFP

Kuwaiti telecoms giant Zain on Sunday reported a drop in its third quarter net profits due to currency exchange losses in Sudan and conflict in Iraq.

The company's net profit in the third quarter fell seven percent to 40 million dinars ($132 million) from 43 million dinars ($142 million)in the same period last year, Zain said in a statement.

Net profit for the first nine months of 2017 was 122 million dinars ($402.6 million), down 1.6 percent from 124 million dinars ($409.2 million) in the same period last year.

The fall in profits was mainly attributed to negative developments in its Zain units in Iraq and Sudan.

Zain said some $20 million of its net profit losses in the third quarter stemmed from its unit in Sudan, which has seen a steep devaluation of the local currency.

Conflict in Iraq, where Zain operates one of the most active units, also had a negative impact with profits lower than expected.

Its Saudi Arabian arm, Zain Saudi, however posted a net profit for the third quarter in a row -- after more than 10 years in the red.

During the third quarter, Zain sold its treasury stocks, about 10 percent of total shares, to Omantel, in which the Omani government has a majority stake, for $846 million.

Consolidated revenues in the first nine months hit $2.5 billion, down 8.0 percent from $2.7 billion a year ago.

The company's customer base remained stable at 45.3 million.

Zain is the largest mobile phone operator in Kuwait but also has operations in Bahrain, Iraq, Jordan, Lebanon, Saudi Arabia and Sudan and manages a unit in Morocco.

The Kuwaiti government holds a stake of almost 25 percent in the company, which is one of three mobile operators in the Gulf emirate, alongside National Telecommunications Co. (Wataniya) and Kuwait Telecommunications Co. (VIVA).

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait telecoms giant zains profits fall over sudan iraq kuwait telecoms giant zains profits fall over sudan iraq

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait telecoms giant zains profits fall over sudan iraq kuwait telecoms giant zains profits fall over sudan iraq

 



GMT 06:49 2012 Saturday ,01 September

Lamitta Frangieh on her \'Facebook Romance\'

GMT 08:26 2017 Wednesday ,08 February

Qatar spending $500m a week on World Cup projects

GMT 17:00 2017 Tuesday ,27 June

Saudi Arabia rebuts fake news on Turkey, Israel

GMT 10:31 2016 Monday ,12 December

Second Sydney airport cleared for take off

GMT 05:27 2017 Sunday ,16 April

GIB Capital wins 4 EMEA Finance Awards

GMT 13:58 2016 Friday ,30 December

Australia beat Pakistan to win Test series

GMT 10:07 2017 Monday ,17 April

Mark Hamill would like to play George Lucas

GMT 12:10 2016 Tuesday ,13 December

Over 30 dead as Kenya tanker crashes, explodes

GMT 02:13 2017 Monday ,25 September

December22nd-January20th

GMT 15:39 2017 Tuesday ,03 October

Bangladesh rescues 20 Rohingya held by racket gang

GMT 02:51 2017 Friday ,10 November

Under siege, Syria doctors forced to improvise care

GMT 12:18 2015 Tuesday ,14 July

Russia sack Capello as national team coach

GMT 16:07 2017 Saturday ,26 August

ISIS Claims Attack on Shiite Mosque in Afghanistan

GMT 13:47 2017 Monday ,27 February

China blue chips post worst day in 2 months

GMT 02:56 2017 Tuesday ,25 July

President Jokowi performs Eid Prayers in Padang

GMT 16:21 2017 Tuesday ,03 October

Sisi greets Guinea on independence anniversary

GMT 04:18 2017 Saturday ,16 September

Kim and Kanye expecting third baby via surrogate
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday