Zain's Net Profit Jumps 59% to $990 Million in 9 Months

Profit before interest, taxes, depreciation, and amortization (EBITDA) grew by 4% to reach $1.91 billion.

Nour Al-Jassim:

Zain’s strategic gains solidify its position in the digital economy and pave the way for a new phase of growth.

Bader Al-Kharafi:

Zain raises its consolidated revenues to $5.71 billion, up 4%... the highest in 17 years.

New growth sectors record strong 30% growth at $759 million.

Data revenues rose 11% to reach $2.3 billion, accounting for 39% of total revenues.

The customer base increased by 3% to 53 million, supported by the restoration of the Sudan network and expansion in Iraq.

The fintech customer base grew to over 6.8 million customers, with revenues rising 6%.

Strategic investments by Zain Ventures achieved gains of $501 million in the first nine months.

ZainTECH expands regionally in cloud computing and cybersecurity, with revenues growing 17%.

ZOI revenues continue exceptional 46% growth... driven by demand for digital infrastructure and international communications.

Zain Kuwait achieves strong data revenue growth, driven by the expansion of advanced 5G services.

Zain Saudi Arabia records exceptional profit growth of 45%... through the expansion of advanced 5G.

Revenue and customer growth for Zain in Iraq and Sudan despite economic challenges and currency fluctuations.

First closure of the regional towers platform in Kuwait and Qatar to build more efficient platforms.

Zain ranked first globally in telecommunications for best employers and included in the list of the top 100 companies.

Obtaining the Gold Standard for Investor Relations certification reinforces the approach of transparency and enhances shareholder confidence.

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

The company stated in a press release that consolidated revenues grew by 4% to reach KD 1.8 billion ($5.71 billion)—the highest level recorded by the Group in the last 17 years—driven by strong operational performance in its key markets, continuous growth in strategic growth sectors, and its digital platforms.

The Group revealed that EBITDA grew by 4% to KD 587 million ($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 the network in Sudan and the expansion of Zain Iraq’s operations. Meanwhile, data revenues rose by 11% to $2.3 billion, representing 39% of total revenues.

It noted that the net profit for the nine-month period includes gains of $501 million achieved by the 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 KD 615 million ($2 billion). EBITDA increased by 1% to KD 209 million ($681 million), with an EBITDA margin of 34%. Meanwhile, quarterly net profit surged by 30% to KD 84 million ($273 million), with earnings per share reaching 19 fils.

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

It noted that growth in financial indicators was driven by continuous improvements 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 increase. 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.

Zain Group Board Chairwoman Nour Al-Jassim stated, “The record financial results achieved by the Group during this period underscore the resilience and diversification of its business model, and its ability to deliver balanced growth despite the region’s evolving landscape and challenges. This success is thanks to its broad geographic footprint, diversified revenue streams, and the growing role of new growth drivers and its 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 able to keep pace with rapid economic and technological transformations, and to strengthen 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 laying the foundations for sustainable growth and enhancing long-term shareholder value.”

She clarified, “The achievements the Group has realized during this period provide a solid foundation for transitioning to a new phase of growth, reinforcing its position as a key player in building the digital economy, and deepening its role in supporting development progress and empowering communities through expanding technological partnerships and strengthening cooperation frameworks with regulators and various stakeholders.”

Exceptional Results

Zain Group Vice Chairman and CEO 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 resilient, diversified, and adaptable business model capable of responding to changes.”

He added, “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 areas having the highest impact on the digital economy, notably 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 execute its strategy steadily and with 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 tied to the strength of its operational model and the diversity of its revenue sources, and less affected by market volatility.”

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

He added, “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, “New growth sectors generated revenues of $759 million, marking a 30% increase, while the business sector’s revenues grew by 12%. This reflects the Group’s strategy success 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 capabilities in cloud computing, cybersecurity, data, artificial intelligence, and advanced digital services, amid a noticeable acceleration in demand for digital transformation solutions in the region.”

He noted, “Zain International Telecommunications Company (ZOI) has continued to solidify its position as one of the most important digital infrastructure and international interconnection platforms in the region, 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 said, “The Group continues its regional presence in the fintech sector, with the customer base for fintech services growing 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 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 added, “The Group has made qualitative progress in developing its strategic assets and maximizing the utilization of its owned infrastructure. The closure of the first phase 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 contributes to enhancing value, achieving higher operational efficiencies, and supporting 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 to the AA category in the MSCI Environmental, Social, and Governance (ESG) Index, making it the highest-rated company in Kuwait across all sectors, alongside receiving the Gold Standard for Investor Relations certification, reflects the success of its efforts to consolidate the foundations of sustainable growth and enhance 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 their 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 possessing the necessary skills and expertise.”

He continued, “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, 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 system and invests in preparing future leaders.”

ZainTECH

ZainTECH made 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 winning key contracts with companies and government entities.

Zain International (ZOI)

The company recorded an exceptional 46% jump in revenues, emerging as the fastest-growing new growth engine. This performance benefited from rising demand for international capacity, interconnection services, and data centers. This result reflects the strength of the unified wholesale business model, supported by growth in international voice services, roaming, and international interconnection, as well as continuous progress in telecommunications infrastructure projects.

Fintech

The group’s fintech platforms’ customer base grew by 31% to exceed 6.8 million customers, while revenues increased by 6%. These platforms operate in 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.

Kuwait

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

Saudi Arabia

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

The fifth-generation (5G) network, alongside the launch of 5G-Advanced in Riyadh and Jeddah, contributed to a 4% growth in data service revenues, which accounted for 41% of the company’s total revenues, while the customer base grew by 3% to reach 8.9 million customers.

Iraq

Zain Iraq recorded quarterly revenues of $368 million, an 8% increase, with EBITDA reaching $1 million and quarterly net profits amounting to $37 million. The company also reported net profits of $108 million for the nine-month period.

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

Sudan

The company recorded revenues of $155 million during the third quarter of 2026, with EBITDA reaching $71 million, representing a margin of 46%. Net profit for the quarter stood at $63 million, bringing the nine-month net profit to $178 million. The customer base grew by 8% to reach 13.2 million customers. Zain Sudan’s financial results were impacted by a 15% currency depreciation during the third quarter.

Jordan

Quarterly revenues increased by 4% to reach $159 million, while EBITDA rose by 5% to $61 million, reflecting an EBITDA margin of 38%. Quarterly net profits grew by 4% to $21 million, with nine-month net profits reaching $61 million, representing a growth rate of 2%.

Continuous expansion in 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. Zain Jordan’s customer base grew by 1% to approximately 4.4 million customers, maintaining its market leadership.

Bahrain

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 profits grew by 4% to $4.5 million, while nine-month net profits increased by 2% to $11.3 million. Data revenues grew by 4%, accounting for 47% of the company’s total revenues.