Kuwait-headquartered Zain Group committed to investments in 4G and 5G to drive growth and minimise the impact of Covid-19 (coronavirus), as the outbreak stemmed growth in the third quarter.
In an earnings statement, Zain chairman Ahmed Tahous Al Tahous said its board was working closely with management to expand 4G and 5G, while seeking “new lucrative opportunities” to drive revenue growth.
The company noted continued Covid-19 lockdown and travel restrictions in key markets impacted financials during the third quarter, as revenue dipped 1 per cent year-on-year to KWD408 million ($1.3 billion) and net income fell 14 per cent to KWD48 million.
Vice chairman and CEO Bader Nasser Al-Kharafi said the telecom sector was not immune to the pandemic and it would “continue to play havoc across all aspects of socio-economic life for the foreseeable future”.
But he believes the worst of the pandemic’s hit on financials was behind it, given a turnaround in its earnings compared with Q2.
Providing a high-level breakdown of its markets, Al-Kharafi said Kuwait was its most profitable operation with 5G driving innovation and opportunities in B2B. Zain Saudi Arabia also performed well, while it was encouraged by its operations in Iraq following the recent award of a 4G licence.
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