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 09:54 2017 Monday ,13 November

Hany Ramzy prepares for new film

GMT 02:13 2017 Thursday ,31 August

RI tourism ready to compete in ASEAN community

GMT 11:38 2017 Tuesday ,14 November

Arab media development is lost in translation

GMT 07:56 2017 Tuesday ,19 December

Fatah’s leader rebukes Trump’s decision

GMT 11:26 2017 Wednesday ,26 April

Settlers uproot 300 olive trees, Ramallah

GMT 05:34 2017 Sunday ,22 October

Hamilton overshadows Vettel in final practice

GMT 16:49 2017 Tuesday ,28 March

Settlements undermine 2-state solution

GMT 05:10 2017 Monday ,02 October

A380 superjumbo makes emergency landing in Canada

GMT 07:27 2017 Sunday ,12 November

Oman receives OMR8b foreign direct investment

GMT 17:09 2017 Saturday ,05 August

Justin tells fans of "insecurities" after cancelling

GMT 02:14 2017 Sunday ,22 October

January21st-February19th
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