Zain KSA announced its financial results for 2024, reporting an all-time high revenue of SAR 10.4 billion (5% YoY growth), including SAR 1.1 billion gained from the tower infrastructure sales transaction, and a profit of SAR 596 million. Profit before interest, tax, depreciation, and amortization (EBITDA) costs reached SAR 3.3 billion (12% YoY growth).
As a result of this sustained upward financial and operational performance, Zain KSA’s Board of Directors recommended distributing cash dividends to shareholders for 2024 at a rate of 5% of nominal share value.
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The financial results highlight Zain KSA’s operational strategy, which focuses on providing the best user experience to individuals and businesses via a powerful 5G network (one of the most advanced in the region), positioning Zain KSA as the digital provider of choice in Saudi Arabia. Business-to-consumer (B2C) and business-to-business (B2B) revenue continued to grow during the year, as evidenced by the sustained demand for the ‘Yaqoot’ all-digital service and a high return on investment (ROI) in adjacent markets, specifically fintech, through ‘Tamam Finance.’
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Commenting on these results, His Highness Prince Naif bin Sultan bin Mohammed bin Saud Al-Kabeer, Chairman of Zain KSA’s board, stated, “We are shaping the future of technology in the Kingdom through our commitment to leveraging innovation to elevate the Kingdom’s position globally and support Saudi Vision 2030’s goals of nationwide digital transformation and economic diversification. At the forefront of these efforts is our unwavering adherence to sustainability—a fundamental pillar for enhancing the quality of life in the Kingdom, supporting its vibrant community, and underpinning its great ambition.”
In 2024, Zain KSA enhanced its efforts in the field of collaborative development through human-centric initiatives, going beyond business and technology.
“We are proud of our contributions to enhancing the digital experience for pilgrims, covering the holy sites with an expansive 5G network. Also, as one of the 22 national companies selected for their leading ESG practices within the ‘Sustainability Champions’ initiative of the Ministry of Economy and Planning, we supported the sustainable transformation of three ICT companies,” H.H. added.
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Acting CEO, Eng. Saad bin Abdulrahman Al-Sadhan, added, “Zain KSA’s performance over the past few years draws a clear course of our strategy, which has resulted in stability at the levels of financial and administrative practice as well as a continued upward operational performance. The 2024 results reflect this path, marked by innovation and technology leadership and a commitment to providing excellent user experiences backed by the most advanced 5G infrastructure in the region. Throughout the year, we ensured more sustainable innovation, seeking long-term impact and driving our Kingdom’s efforts toward an inclusive digital transformation that enhances its global position at all levels. In addition to positive financial performance for the company and our shareholders, our goal is to unlock new pathways for innovation and development.”
Zain KSA initiated an investment of SAR 1.6 billion in expanding its infrastructure and 5G network, and was honored as the first operator to provide full 5G coverage across the holy sites during Hajj 2024.
“We also intensified our efforts to empower a digital society, developing human capabilities and empowering national talent. These achievements have strengthened our position as a digital ecosystem rooted in an integrated institutional framework, a foundation established by our visionary late CEO Eng. Sultan bin Abdulaziz AlDeghaither. Despite the deep impact of his passing, the enduring legacy he left behind has enabled Zain KSA to navigate the adversity with no damage and maintain our course,” Al-Sadhan continued.
According to Zain Vice-Chairman and Group CEO and Zain KSA Vice-Chairman, Bader Al Kharafi, the impressive growth of Zain KSA are attributed to the team’s focus on operational efficiency, digital innovation, new business verticals and expansion of 5G services.
“This is supported by the provision of a great customer mobile and data experience that is instrumental in growing its enterprise and individual customer base. Furthermore, the close cooperation and support of the resources of Zain Group is a vital element in Zain KSA’s forward trajectory,” Al Kharafi noted.
Zain KSA is playing its key role as a major contributor to Saudi Arabia’s ICT sector; a position it has earned through vast investments in 5G network expansion and multiple initiatives aimed at further developing Saudi nationals. Al Kharafi also highlighted that Zain KSA’s productive relationship with The Communications, Space & Technology Commission (CST), emphasize the company’s dedication to supporting the targets of the Kingdom’s Vision 2030.
In 2024, Zain KSA made waves in the local and regional technology landscape, earning several awards and recognitions, including ‘Best 5G-Advanced Business Innovation (Operator) – Middle East’ and ‘Best BSS/OSS Solution (Operator) – Middle East’ at the 18th edition of the Telecom Review Leaders’ Summit.
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