{"id":200068,"date":"2021-02-23T16:54:41","date_gmt":"2021-02-23T16:54:41","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=310549"},"modified":"2021-02-23T16:54:41","modified_gmt":"2021-02-23T16:54:41","slug":"zain-laments-covid-19-impact","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2021\/02\/23\/zain-laments-covid-19-impact\/","title":{"rendered":"Zain laments Covid-19 impact"},"content":{"rendered":"

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\tZain Group suffered a drop in net income and revenue in Q4 2020, as it joined a list of fellow operators in reporting declines due to disrupted economic activities resulting from the Covid-19 (coronavirus) pandemic.<\/p>\n

In a statement, Zain revealed net income fell 16 per cent year-on-year to KWD54 million ($178.2 million), while revenue of KWD432 million was down 2 per cent.<\/p>\n

Foreign currency headwinds cost the group $33 million in revenue and a total of $7 million in net income, it said.<\/p>\n

Mainly, the decline was attributed to the pandemic, which it said had an effect across all of its markets, due to lockdowns and travel bans.<\/p>\n

The company did not reveal a cost for the quarter, but for the full year the pandemic impacted group revenue by $417 million.<\/p>\n

To mitigate the health crisis, Zain said it had implemented a range of cost optimisation measures including contract renegotiations and management of cashflows, resulting in an operational expense reduction of $168 million.<\/p>\n

It also pointed to investment in 5G across Kuwait and Saudi Arabia, spending a total of $1.4 billion in capex predominately on the technology.\u00a0 This was an increase from $1 billion in 2019.<\/p>\n

Zain ended the year with 47.8 million active customers, compared with 49.5 million.<\/p>\n

CEO Bader Al-Kharafi (pictured) said the group\u2019s performance reflected the reality of Covid-19 disruption and its \u201cunavoidable impact\u201d.<\/p>\n

\u201cThe board and management are working closely together in minimising the impact across our footprint with a particular focus on driving efficiencies, cost optimisation and monetising our 4G and 5G networks.\u201d<\/p>\n\n

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Zain Group suffered a drop in net income and revenue in Q4 2020, as it …<\/p>\n

The post Zain laments Covid-19 impact<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":247,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Zain laments Covid-19 impact - ITTeacherITFreelance.hk","description":"Zain Group suffered a drop in net income and revenue in Q4 2020, as it ... The post Zain laments Covid-19 impact appeared first on Mobile World Live ."},"footnotes":""},"categories":[11,8],"tags":[],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/200068"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/247"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=200068"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/200068\/revisions"}],"predecessor-version":[{"id":200069,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/200068\/revisions\/200069"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=200068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=200068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=200068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}