Zain KSA has announced its financial results for the year ended Dec. 31, 2011 and revealed plans for its largest network expansion to date, in addition to significant infrastructure enhancement in 2012.
Operator of Saudi Arabia's most up-to-date network, Zain KSA said it is preparing to expand its LTE (Long Term Evolution) network in all major cities, in order to further promote this technology across the majority of the country. Expansion plans will also include further expansion of the company's fiber optic network project, which is set to significantly cut operating costs for leased lines. These combined activities will further help extend Zain KSA's coverage footprint in the Kingdom.
The announcement of these plans follows the improved financial performance for Zain KSA in the past year, where tangible increases were recorded across all key financial indices.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 172 percent compared to SR899 million in 2010.
Total earnings for the year increased by 26 percent to SR3.20 billion, compared to total earnings of SR2.53 billion recorded for the year before. Revenues increased by 13 percent from SR5.93 billion in 2010 to SR6.70 billion in 2011.
Zain KSA's new operational strategy has helped the company cut operational losses significantly, down 30 percent to SR811 million (2010: SR1.16 billion).
Commenting on the Company's financial results and upcoming plans, Prince Hussam bin Saud bin Abdul Aziz, chairman of Zain KSA, said: "As Zain KSA shifts its focus and intensifies efforts in order to reach new horizons and higher ambitions, these strategies come in time to help us shape the next phase in a way that will boost the company's strategic position and competitive edge in KSA's mobile telecom market."
Kuwait inflation plunges to nine-year low
Kuwait's annual inflation rate fell to a modest 2.7 per cent in October - its lowest in nine years, despite robust consumer spending and some improvement in business sentiment, said a report.