“Zain Saudi Arabia” announced its financial results for the year 2022, which showed that it had achieved the highest revenues in the company’s history, amounting to 9.1 billion riyals, compared to 7.9 billion riyals in the year 2021, a growth of 15%. The company also achieved the highest net profits in the company’s history, as the company’s net profits reached 550 million riyals, with a record growth of 157% compared to the company's profits for the year 2021. The company also announced the recommendation of its board of directors to distribute cash dividends to shareholders for the year 2022, at a rate of 5% of the nominal share value.
Commenting on these results, Prince Nayef bin Sultan bin Muhammad bin Saud Al Kabeer, Chairman of the Board of Directors of Zain Saudi Arabia, said: “The financial results for 2022 reflect the qualitative shift in the company’s financial, operational and development performance, and the qualitative and continuous impact of the company’s strategy, which was represented by enhancing customer experience, And expanding in future technologies, as well as investing in parallel markets, while continuing to strengthen governance to ensure sustainable growth and profits.
Prince Nayef bin Sultan added: “The company was able to achieve these results derived from the strength and prosperity of our national economy under the directives of our wise leadership and the impact of Saudi Vision 2030, which established the features of comprehensive digital transformation and the launch towards a smart knowledge economy, empowering people on this good earth, and improving the quality of their lives.” By harnessing the limitless potential of technology. We have succeeded, with the grace of God, as a leading national company, to be a preferred choice in the telecommunications sector and innovative digital services, and we support the ambition of a nation that is increasingly shining and distinguished by successive achievements in all fields by focusing on innovation, development and smart investments.
And he continued: “We thank God that we were able to present to our shareholders the recommendation of the Board of Directors to distribute dividends to the company’s shareholders, after achieving the highest revenues and profitability in its history, thanks to God, and then thanks to the efforts of the Zain family of employees and executive management, who were able to enhance the investments of our shareholders by creating added value.” To our customers of all categories, which contributed to the sustainability of the company's profitability and growth.
In turn, CEO of Zain Saudi Arabia, Engineer Sultan bin Abdulaziz Al-Deghaither, said: “We were able to achieve the goals of our commitment to implement our strategy that we launched 5 years ago, which made 2022 the year of qualitative transformation in our operational and profitability journey together. We have worked to provide the best user experiences, as well as to enhance the capabilities of the telecommunications sector and digital services in the Kingdom as a whole. There are many milestones that distinguished the presence of Zain Saudi Arabia during the past year and contributed mainly to achieving these positive results. First, the significant expansion in the use of fifth generation (5G) technologies, especially at the level of the business sector, through new solutions and applications that keep pace with the next generation of technical solutions, specifically in the areas of artificial intelligence, virtual and augmented reality, the Internet of things, cloud computing services, and others. We were the first to launch the technology of fully adopting the fifth generation network (5G Stand-Alone), and we were keen to make “Zain Cloud”, which received the highest rating from the Communications, Space and Technology Commission, the preferred choice for distinguished cloud computing services and solutions in the Kingdom, by providing More services and products. Likewise, we have worked to enrich the experiences of our users through the Yaqout digital service, to put within their reach integrated digital packages, which culminated in the increase in the value of the Zain Saudi brand to more than 3 billion Saudi riyals, as one of the 14 largest brands in the Kingdom, according to the classification of Brand Finance.
Al-Deghaither added: “We continued to strengthen the company's presence in parallel markets. After our success in the financial technology sector, through Tamam Finance, we invested in the digital entertainment sector through PLAYHERA MENA, and strengthened our regional presence by expanding the GeForce NOW platform for cloud games to serve the region’s markets.” . We have also worked to build our capabilities at the level of cross-border services by connecting the Middle East region with the continent of Africa with the J2M submarine cable system (from Jeddah, Saudi Arabia, to Marseille, France) to meet the communication requirements with the most efficient and fast communication capabilities.”
Commenting on the company’s efforts in sustainable development, Engineer Al-Deghaither commented: “We at Zain Saudi Arabia were keen to confirm our commitment to the principles of sustainability through our approach to harnessing technology to serve sustainable development, and we launched a number of initiatives to confront climate change, in line with the goals of the Saudi Green Initiative and in line with the objectives of The United Nations for Sustainable Development (SDGs), and we also followed the application of the path of inclusiveness in our social practices, and within the work environment of Zain Saudi Arabia, stressing the provision of equal opportunities for all and the achievement of functional diversity to achieve the greatest possible value for society.
It is noteworthy that “Zain Saudi Arabia” was one of the major national companies participating in the Center for the Enhancement of Partnership with the Private Sector Program (Sharik), in the ceremony of announcing the first package of the program’s projects, which was held under the auspices and presence of Crown Prince and Prime Minister Prince Muhammad bin Salman bin Abdulaziz. The company had previously announced, in the first quarter of 2023, the completion of a deal to sell and lease back the infrastructure of its towers to Letis Golden Investment Company, owned by the Public Investment Fund, Prince Saud bin Fahd bin Abdulaziz, and Sultan Holding Company, in a deal worth more than 3 billion riyals. .
Okaz (Jeddah) @Okaz_online