Zain Earns $990 Million in 9 Months with 59% Growth

Consolidated revenues grew by 4% to reach 1.8 billion dinars ($5.71 billion), marking the highest level recorded by the group in the past 17 years. This performance was driven by strong operational performance in its core markets, continued growth in strategic growth sectors, and its digital platforms.

The group revealed that EBITDA grew by 4% to reach 587 million dinars ($1.91 billion), with an EBITDA margin of 34%. The group expanded its customer base by 3% to approximately 53 million customers, driven by network restoration in Sudan and the expansion of Zain Iraq’s operations. Meanwhile, data revenues rose by 11% to reach $2.3 billion, accounting for 39% of total revenues.

Notably, the net profit for the nine-month period includes gains of $501 million achieved by strategic investments executed by Zain Ventures, the arm managing the group’s investment portfolio.

Regarding the financial results for the third quarter, the group recorded a 2% growth in consolidated revenues to reach 615 million dinars ($2 billion). EBITDA increased by 1% to reach 209 million dinars ($681 million), with an EBITDA margin of 34%. Meanwhile, quarterly net profit surged by 30% to reach 84 million dinars ($273 million), representing an earnings per share of 19 fils.

The group attributed these record results to the continued success in implementing its strategy, maximizing returns from its investments in network infrastructure, digital assets, and telecommunications and IT services, alongside disciplined expansion in high-growth strategic investments within the global innovation ecosystem.

It noted that the growth in financial indicators was driven by continuous improvement in operational efficiency and cost rationalization, a 12% growth in business sector revenues, and strong performance from new growth sectors, which recorded revenues of $759 million, representing a 30% annual growth. This enhanced income diversification and increased the contribution of digital initiatives to total revenues, despite ongoing geopolitical challenges in some regional markets and the impact of currency devaluation in Sudan.

Nour Al-Jassim, Chairperson of Zain Group’s Board of Directors, stated: “The record financial results achieved by the group during this period confirm the resilience and diversification of its business model, and its ability to achieve balanced growth despite the changes and challenges facing the region. This is thanks to its wide geographical presence, diversified revenue sources, and the growing role of new growth drivers and the investment portfolio in supporting performance and maximizing value.”

Al-Jassim added: “These results reflect the success of the group’s strategic vision in building a more capable institution to keep pace with rapid economic and technological transformations, and to enhance its readiness to capitalize on opportunities offered by the digital sector. They also confirm the soundness of its approach in developing a balanced business model that combines operational growth with strategic investment, thereby solidifying the foundations of sustainable growth and enhancing long-term shareholder value.”

The group clarified that “the gains achieved during this period provide a solid foundation for transitioning to a new stage of growth, enhancing its position as a pivotal player in building the digital economy, and deepening its role in supporting the development journey and empowering communities, through expanding technological partnerships and strengthening cooperation frameworks with regulatory bodies and various stakeholders.”

Bader Nasser Al-Kharafi, Vice Chairman and CEO of Zain Group, said: “The exceptional financial results achieved by the group during this period, which are the highest in 17 years, reflect the success of the strategic approach adopted by the group in building a more flexible, diversified, and adaptable business model.”

He added that “the recent period witnessed unprecedented acceleration in economic, technological, and geopolitical transformations across the region and the world, prompting us to reshape our business portfolio and expand our growth sources, with a focus on the highest-impact areas in the digital economy, including artificial intelligence, cybersecurity, digital infrastructure, and cloud services, ensuring performance sustainability and enhancing our ability to create long-term value for shareholders.”

Al-Kharafi noted that “despite the ongoing uncertainty in regional and international markets, which has exerted pressure on key sectors such as roaming, device supply chains, and the business sector in several of our markets, along with the impacts of exchange rate fluctuations in Sudan and Iraq, the group has continued to execute its strategy with steadfastness and discipline. This is reflected in revenue growth, improved profitability, and an enhanced contribution from digital sectors and new growth drivers, confirming that the group’s performance has become more closely tied to the strength of its operational model and the diversification of its income sources, and less affected by market volatility.”

He explained that “operational performance indicators confirm the soundness of this direction, as data revenues rose by 11% to reach $2.3 billion. This growth reflects increasing demand for digital services and advanced solutions, alongside returns from our continuous investments in 5G and 5G Advanced networks and digital infrastructure, which have become a fundamental pillar for supporting sustainable growth across our various markets.”

He continued that “operations in Kuwait, Saudi Arabia, Bahrain, and Jordan achieved growth in 5G revenues, while 5G Advanced services in Kuwait and Saudi Arabia are driving strong customer uptake. To maintain this technological leadership, Zain injected capital investments totaling $501 million across all its markets during the first nine months, representing 9% of revenues.”

Al-Kharafi stated that “new growth sectors generated revenues of $759 million, representing a 30% growth rate, while business sector revenues increased by 12%, reflecting the success of the group’s strategy in expanding its revenue base and diversifying growth sources. ZainTECH continues to play a pivotal role in this transformation by expanding its regional presence and developing its capabilities in cloud computing, cybersecurity, data and artificial intelligence, and advanced digital services, amid a noticeable surge in demand for digital transformation solutions in the region.”

He noted that Zain International Operations (ZOI) continued to consolidate its position as one of the region’s most critical digital infrastructure and international interconnection platforms, recording exceptional revenue growth of 46%. This performance reflects the accelerating demand for international interconnection services, data center solutions, cloud services, and digital infrastructure, reinforcing Zain’s vision to build an integrated regional digital platform capable of serving the emerging digital economies in the region and connecting them to global markets.

He added that the Group maintained its regional presence in the fintech sector, with its fintech services customer base growing by 31% to exceed 6.8 million customers, while revenues increased by 6%. This highlights the rising demand for digital financial solutions and the Group’s expanding role in promoting financial inclusion and providing innovative digital services that contribute to improving quality of life and empowering individuals and businesses.

Al-Kharafi stated, “Zain Ventures, the Group’s investment arm for emerging technologies and artificial intelligence, is a natural extension of this ecosystem that combines technology and investment. It reflects the success of our approach to investing in future technologies and companies capable of leading the next waves of innovation. This contributes to expanding the value we generate for our shareholders and positions us ahead to seize opportunities arising from the rapid transformations in the global digital economy.”

He further remarked, “The Group has made qualitative progress in developing its strategic assets and maximizing the utilization of its infrastructure. The first closing of the regional towers platform, in partnership with Ooredoo in Kuwait and Qatar, represents a significant step toward building more efficient, scalable, and sustainable platforms. This enhances value, achieves higher operational efficiencies, and supports carbon footprint reduction targets, while continuing to expand into new opportunities and markets that support long-term growth.”

Al-Kharafi noted that Zain adheres to the highest standards of governance, transparency, and responsible business practices. The Group’s upgrade in the MSCI Environmental, Social, and Governance (ESG) rating to AA, making it the highest-rated company in Kuwait across all sectors, along with receiving the Gold Standard for Investor Relations certification, reflects its successful efforts in laying the foundations for sustainable growth and strengthening investor confidence.

He added, “We believe that the success of any institution is linked to its ability to attract, develop, and empower talent to realize its full potential. Therefore, the Group continued to invest in developing national talent, empowering youth, and enhancing inclusion, diversity, and equity initiatives that ensure a work environment based on equal opportunities and reinforce a culture of innovation and continuous learning. These efforts are an integral part of our vision to build an institution capable of leading transformations through a human capital endowed with the necessary skills and expertise.”

Concluding, he said, “Zain’s ranking as the number one employer globally in the telecommunications sector in Forbes’ Best Employers list, and its selection among the world’s top 100 companies, demonstrate the success of our vision in building a corporate culture that attracts, develops, and inspires talent to innovate. We view this achievement as an extension of a strategy that places people at the heart of the growth ecosystem and invests in preparing future leaders.”

ZainTECH achieved progress in expanding its regional presence, with revenues growing by 17 percent. This momentum extended to the group’s corporate sector, where revenues in this vital segment rose by 12 percent, driven by ZainTECH and its business solutions teams securing key contracts with companies and government entities.

The company recorded an exceptional 46 percent jump in revenues, emerging as the fastest-growing new growth engine. This performance was fueled by rising demand for international capacity, interconnection services, and data centers, reflecting the strength of its unified wholesale business model. This was supported by growth in international voice services, mobility, and international interconnection, alongside continued progress in telecommunications infrastructure projects.

The group’s fintech platforms’ customer base grew by 31 percent to exceed 6.8 million customers, while revenues increased by 6 percent. These platforms operate across the group’s markets: Bede in Kuwait, Bahrain, and Sudan; Tamam in Saudi Arabia, which continues to achieve further growth in micro-consumer financing; and Zain Cash in Jordan and Iraq.

Zain Kuwait maintained its market leadership with a customer base of 2.6 million. Quarterly revenues for the third quarter reached 93 million Kuwaiti dinars ($302 million), while EBITDA grew by 4 percent to 35.7 million dinars ($116 million), with the EBITDA margin improving to 38 percent. The company reported net profits of 19 million dinars ($62 million) for the quarter, and net profits for the nine-month period totaled 55 million dinars ($178 million). Data revenues grew by 7 percent, accounting for 41 percent of the company’s total revenues.

Quarterly revenues increased by 3 percent to $756 million, with EBITDA reaching $223 million at a 29 percent margin. Quarterly net profits stood at $36 million, while net profits for the nine-month period rose by 45 percent to $144 million.

The 5G network, along with the launch of 5G-Advanced in Riyadh and Jeddah, contributed to a 4 percent growth in data service revenues, which accounted for 41 percent of the company’s total revenues. The customer base grew by 3 percent to 8.9 million.

Zain Iraq recorded quarterly revenues of $368 million, an 8 percent increase, with EBITDA reaching $126 million. Quarterly net profits were $37 million, while net profits for the nine-month period totaled $108 million.

The customer base grew by 4 percent to 21.1 million. The company maintained its market leadership through effective implementation of its commercial strategy, continued network expansion in strategically important areas, and strong contributions from its subsidiaries Horizon and NextGen, despite ongoing regional instability and macroeconomic pressures.

The company recorded revenues of $155 million during the third quarter of 2026, while earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $71 million, representing a margin of 46 percent. Net profit amounted to $63 million during the quarter, bringing the net profit for the nine-month period to $178 million. The customer base grew by 8 percent to reach 13.2 million customers. Financial results for Zain Sudan were affected by a 15 percent decline in currency value during the third quarter.

Quarterly revenues increased by 4 percent to $159 million, while EBITDA rose by 5 percent to $61 million, with a margin of 38 percent. Quarterly net profit grew by 4 percent to $21 million, and net profit for the nine-month period reached $61 million, reflecting a growth rate of 2 percent.

Continuous expansion in 5G, fiber-to-the-home (FTTH), and 4G services contributed to a 9 percent growth in data revenues, which accounted for 57 percent of the company’s total revenues. The customer base for Zain Jordan grew by 1 percent to approximately 4.4 million customers, maintaining its market leadership.

Zain Bahrain increased its quarterly revenues by 13 percent to $58 million, while EBITDA rose by 4 percent to $16.6 million, with an EBITDA margin of 28 percent. Quarterly net profit grew by 4 percent to $4.5 million, and net profit for the nine-month period increased by 2 percent to $11.3 million. Data revenues rose by 4 percent, accounting for 47 percent of the company’s total revenues.