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Gulf News | Zain Group raises quarterly net profit to $ 156 million



Gulf News |  Zain Group raises quarterly net profit to $ 156 million

Zain Group today reported strong growth in its key financial indicators for the first quarter of the current fiscal, with the Group increasing its quarterly net profit to 6%.%Compared to 45 million dinars ($ 147 million) in the same period of 2021, it reached approximately 47 million dinars ($ 156 million) with a return of 11 bills per share.

Zain said in a statement that it had increased its consolidated quarterly revenue by 7% in the first quarter%To record 408 million dinars ($ 1.35 billion), the total revenue for the same period in 2021 was compared to 382 million dinars ($ 1.26 billion).

And Zain, a leading company in digital innovation in the Middle East and African markets, noted the amount of profit before deduction taxes, interest and depreciation.EBITDADuring the same period in 2021 it was 154 million dinars ($ 507 million) with 158 million dinars ($ 523 million), and the profit marginEBITDA38%.

The group reported a 5% increase in its customer base.%It grew to about 50.9 million customers, and the growth was attributed to the enormous speed of its operations in the Saudi and Iraqi markets, while the group’s operations data service revenue recorded $ 536 million, representing 40.%In gross consolidated revenue.

The group said its key financial indicators had been affected by the translation of foreign currencies, mainly from the devaluation, with Sudan’s currency averaging 271 Sudanese pounds / dollars (483 Sudanese pounds / $) in the first quarter of 2021 and $ 80 million per group in 2022. Millions of pre-tax revenues and consumptionEBITDA.

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Ahmed Al-Tahoos, Chairman of the Zain Group’s Board of Directors, said: “The Jain Group is looking for lucrative opportunities in new areas of development as they are ready to invest in the next phase of development of the telecommunications sector and information technology. Demonstrates continued focus on expansion.

Badr Nasser Al-Gharafi, Vice President and CEO of Jain Group, said: “Strong Performance Our operations, especially in Kuwait and Saudi Arabia, have increased net profit by 22%.%And 97%Respectively, due to the growth of 5G network customers and the expansion of the enterprise and business sectorB2BThis performance was supported by the strong growth of Jain Sudan’s operations, which reached a strong 156 strong increase in its quarterly net profit.%This is due to its success in gaining more customers for the 4G network. ”

Bahrain .. Data Development

Zain Bahrain’s operations recorded quarterly revenue growth of 4%%Earnings before interest, tax and depreciation increased to $ 46 millionEBITDABy 3%Reaching $ 15 million, the opposite marginEBITDABy 33%Net profit increased 3%Data services revenue increased 6% during the period, reaching $ 4.2 million%To mark 45%In total revenue.

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Bitcoin is jumping around 10 percent on the week



Bitcoin is jumping around 10 percent on the week

Bitcoin rallied strongly this week as the world’s number one cryptocurrency hit its all-time high, with a recovery in financial assets benefiting from the dollar’s decline.

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The prospect of an end to the Federal Reserve’s continuing monetary tightening cycle for more than a year and a half has contributed to a recovery in all financial assets, including major indices in global stock markets. Gold hit an all-time high after breaking above $2,100 an ounce, while Bitcoin rose to its highest level in 2023. This year has been one of the windiest years for the cryptocurrency as it ranks ninth. The largest assets by market value rose 166 percent to reach $860 billion.

Other reports, expectations of an end to the monetary tightening cycle, and expectations of an earlier-than-expected shift in monetary policy contributed to bitcoin’s gains. The latest expectations indicate the possibility of a rate cut in the US after the end of the first quarter of 2024, compared to previous expectations, which indicates the possibility of a rate cut at the beginning of the third quarter of the year. The most important factors fueling Bitcoin’s rise are reports of the imminent approval of Bitcoin exchange-traded funds (ETFs) submitted to major investment firms and related US bodies.

On the other hand, this year has not been without negative news for cryptocurrencies, especially the sanctions faced by one of the world’s largest cryptocurrency exchanges, Finans, which admitted early last month that it had lied in some of the allegations against it. US and private authorities were fined approximately $4.3 billion for anti-money laundering crimes, while the exchange’s founder, Changpeng Zhao, pleaded guilty and announced his resignation as CEO. Financial transfer.

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Bitcoin rose 9.97% to register around $43,801 during this week’s trading. Meanwhile, Ethereum price rose 6.56% to reach $2,345.

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Digital advertising is still in a state of uncertainty



Digital advertising is still in a state of uncertainty

One of the golden rules in the business world is respect for the customer. This principle served Elon Musk when it came to Tesla and SpaceX. The message is if you want to drive or introduce an amazing car. Satellite to space, then Elon is what you are looking for. .

But the world’s richest man is testing the opposite side of the equation with his social media game, X, after several big companies, including Disney, Apple and IBM, have decided. Withdraw their ads from his platform. As a result of his endorsement of an anti-Semitic tweet, the world’s richest man delivered a clear message: “Go to hell.”

Advertisers seem to be taking Musk’s message seriously, and it would be easy to move to Google, TikTok or Facebook.

Platform X, formerly known as Twitter, represents a small slice of the vast digital advertising market. Media agency GroupM expects that digital advertising requires rare talent to turn a profit outside of the money fountain, but the success of “X” in this field is quite shocking.

GroupM expects the digital advertising market to grow 9.2% to $617 billion this year. The five largest global ad vendors, Google, Meta, and ByteDance, which operate TikTok, Alibaba, and Amazon, are expected to grow ad revenue by 25.4% on a combined annual basis between 2016 and 2022.

But some advertisers question how well other digital advertising platforms take care of their customers. A recent report by ad analytics service Adalytics found that ads for some major international brands and US and European government agencies continue to appear on pornographic sites and on companies in other banned countries.

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After analyzing 7.2 million websites on the Internet, Adaltics found numerous examples of ads for companies including Apple, BMW, Walmart and the US Treasury appearing on questionable sites without the advertisers’ knowledge. the way It allows third-party developers to embed search engines on their own sites, presumably through Google’s search partner network.

Showing ads this way not only puts advertisers’ reputations at risk, but also performs poorly, according to Analytics. Google announced investigations into Adalytics’ allegations, but found no evidence that ad revenue was shared with recognized companies.

However, the widespread adoption of machine learning systems is allowing marketers and digital advertising platforms to deliver and deliver more targeted and personalized ads than ever before.

“It allows us to send the right message to the right customer at the right time,” says Mark Reid, CEO of WPP advertising agency. So, for example, the agency used artificial intelligence and geolocation tools in 2021. 130,000 video ads for 2,000 local stores in India, all with Bollywood star Shah Rukh Khan’s “personal” endorsement.

Ads were viewed 4 million times on YouTube and Facebook, but Reid added that advertisers expect more transparency from digital platforms and third-party verification of where and when their ads are shown.

Reed said these platforms, which are interested in gaining market share, must encourage such transparency.

Some lawmakers are calling for tougher regulatory interventions to address the problem, and U.S. Senator Mark Warner called on the Federal Trade Commission and Justice Department to investigate “digital ad brokers operating in a concentrated, fraudulent ecosystem.”

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Arid Research senior analyst Richard Cramer says marketers have shown “sad negligence” by not paying enough attention while spending billions of dollars annually.

Kramer compared the digital advertising market to a vast, opaque stock market, where billions of trades are conducted daily and are subject to verification and settlement, while other trades often take place in “dark rooms.”

Kramer said Google may stop showing ads through its search and video partner networks, but the company wants to stay small, even if it’s better. He added: “None of these companies want transparency. “For big tech companies, transparency seems like a dirty word.” So, it’s time for advertisers to enforce such transparency, even if lawmakers don’t.

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Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%



Variation in weekly performance of Gulf shares… and Egyptian index rises 0.46%

Dubai: “The Gulf”

Performance of stocks in GCC countries varied during the week; Dubai Financial Market Index alone lost 0.91% to 3951.52 points and Abu Dhabi Market Index lost 1.45% to 9400.75 points in 4 sessions.

In Saudi Arabia, the main market index TASI increased the week’s trade by 0.43% to close at 11,225 points, compared to 11,177 points at the end of the previous week.

In Kuwait, the general market index rose 0.33% for the week to close at 6654.64 points, compared to 6632.47 points at the end of the previous week.

In Bahrain, the Bahrain General Index rose 0.13% on the week to close at 1942.35 points, compared to last week’s 1939.77 points.

In Qatar, the Qatar Stock Exchange Index fell 1.93% in 5 sessions to close at 9,848.15 points, compared to 10,062.64 points at the end of last week.

In the Sultanate of Oman, the Muscat Stock Exchange Index fell 1.37% during the 5-session session to close at 4594.41 points, compared to 4658.17 points at the end of the previous week.

Outside the Gulf region, the Egyptian stock market index “EGX 30” increased the week’s trade by 0.46% to end at 24,686.16 points, compared to last week’s close of 24,571.98 points.

Weekly performance:

Egypt +0.46%

Saudi Arabia +0.43%

Kuwait +0.33%

Bahrain +0.13%

Dubai 0.91% –

Oman 1.37% –

Abu Dhabi 1.45% –

Qatar 1.93% –

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