Zain Jumps 59% in Net Profits, Reaches $990 Million in Nine Months

Zain Group (listed on the Kuwait Stock Exchange under the ticker: ZAIN) raised its net profit for the nine-month period by 59% to reach 304 million dinars ($990 million), with earnings per share amounting to 70 fils.

Consolidated revenues grew by 4% to reach 1.8 billion dinars ($5.71 billion) – the highest level recorded by the Group in the last 17 years – driven by strong operational performance in its key markets, continued growth in strategic growth sectors, and its digital platforms.

The Group revealed that earnings before interest, taxes, depreciation, and amortization (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 the restoration of its network 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 nine-month net profit includes gains of $501 million achieved by strategic investments implemented 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), with 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, as well as strong performance from new growth sectors, which recorded revenues of $759 million, representing a 30% annual growth. This enhanced income source diversification and increased the contribution of digital initiatives to total revenues, despite ongoing geopolitical challenges in some regional markets and the impact of currency depreciation in Sudan.

Zain Group Chairman of the Board, Nour Al-Jassim, 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.”

She 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 for sustainable growth and enhancing long-term shareholder value.”

Al-Jassim clarified that “the achievements the Group has attained during this period provide it with a solid foundation to transition to a new stage of growth, enhance its position as a key player in building the digital economy, and deepen its role in supporting the development journey and empowering communities, through expanding technological partnerships and strengthening cooperation frameworks with regulatory bodies and various stakeholders.”

The Group’s Vice Chairman and Chief Executive Officer, Bader Nasser Al-Kharafi, 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 continued, “The recent period has witnessed unprecedented acceleration in economic, technological, and geopolitical transformations across the region and the world. This has prompted 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. This ensures performance sustainability and enhances our ability to create long-term value for shareholders.”

Al-Kharafi revealed, “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 implement 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. This confirms that the Group’s performance has become more closely linked to the strength of its operational model and the diversification of its income sources, and less affected by market fluctuations.”

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

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

Al-Kharafi stated, “New growth sectors generated revenues of $759 million, representing a 30% growth rate, while business sector revenues increased by 12%. This reflects 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 notable surge in demand for digital transformation solutions in the region.”

He stated, “Zain International Telecommunications Company (ZOI) has continued to consolidate its position as one of the most important digital infrastructure and international interconnection platforms in the region. It recorded exceptional revenue growth of 46%, reflecting the accelerated growth in demand for international interconnection services, data center solutions, cloud services, and digital infrastructure. This performance reinforces Zain’s vision of building an integrated regional digital platform capable of serving the emerging digital economies in the region and connecting them to global markets.”

He continued, “The Group has maintained its regional presence in the fintech sector. The customer base for fintech services grew by 31% to exceed 6.8 million customers, while revenues increased by 6%. These indicators reflect the rising demand for digital financial solutions and the Group’s growing role in enhancing financial inclusion and providing innovative digital services that contribute to improving quality of life and empowering individuals and businesses.”

Al-Kharafi said, “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 advantageously to seize opportunities arising from the rapid transformations in the global digital economy.”

He added, “The Group has made qualitative progress in developing its strategic assets and maximizing the utilization of its infrastructure. The closure of the first phase of the regional towers platform in partnership with Ooredoo in Kuwait and Qatar represented 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 the success of its efforts in laying the foundations for sustainable growth and strengthening investor confidence.

Al-Kharafi 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 has 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.”

Al-Kharafi concluded, “Zain’s ranking first globally in the telecommunications sector in Forbes’ Best Employers list, and its selection among the world’s top 100 companies, embody the success of our vision in building a corporate culture that attracts, develops, and motivates 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 has made significant progress in expanding its regional presence, with revenues growing by 17%. This momentum extended to the group’s corporate sector, where revenues in this vital segment rose by 12%, driven by ZainTECH and its business solutions teams securing key contracts with companies and government entities.

The company recorded an exceptional 46% surge 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, international mobility, and interconnection services, alongside continued progress in telecommunications infrastructure projects.

The customer base for the group’s fintech platforms grew by 31% to exceed 6.8 million customers, while revenues increased by 6%. 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 KD ($302 million), while EBITDA grew by 4% to 35.7 million KD ($116 million), with the EBITDA margin improving to 38%. The company reported net profits of 19 million KD ($62 million) for the quarter, and net profits for the nine-month period totaled 55 million KD ($178 million). Data revenues grew by 7%, accounting for 41% of the company’s total revenues.

Quarterly revenues increased by 3% to $756 million, with EBITDA reaching $223 million and an EBITDA margin of 29%. Quarterly net profit was $36 million, while net profit for the nine-month period rose by 45% to $144 million.

The deployment of the 5G network, alongside the launch of 5G-Advanced in Riyadh and Jeddah, contributed to a 4% growth in data service revenues, which now represent 41% of the company’s total revenues. The customer base grew by 3% to 8.9 million.

Zain Iraq reported quarterly revenues of $368 million, an 8% increase, with EBITDA at $126 million and quarterly net profit at $37 million. Net profit for the nine-month period stood at $108 million.

The customer base grew by 4% to 21.1 million. The company maintained its market leadership through effective execution 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 reported revenues of $155 million during the third quarter of 2026, with EBITDA at $71 million and a profit margin of 46%. Net profit for the quarter was $63 million, bringing the nine-month net profit to $178 million. The customer base grew by 8% to 13.2 million. Financial results for Zain Sudan’s operations were impacted by a 15% currency devaluation during the third quarter.

Quarterly revenues rose by 4% to reach $159 million, while earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 5% to $61 million, representing an EBITDA margin of 38%. Quarterly net profit grew by 4% to $21 million, and net profit for the nine-month period reached $61 million, reflecting a growth rate of 2%.

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

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