Corona virus reduces Zain’s annual profits by 14.7% … and distributes 33 fils in cash


Kuwait – Mubasher: The financial statements of a company Mobile Communications (Zain) The company’s profits fell last year by 14.7% year-on-year.

According to the company’s results for the Kuwaiti Stock Exchange, today, Wednesday, last year’s profits were 185.15 million dinars ($ 613.38 million), compared to 2019’s profit of 216.93 million dinars ($ 718.66 million).

The company said in a statement to the stock exchange, that the decline in profits during the comparative years is mainly due to the impact of the emerging corona virus “Covid-19” on all the group’s main markets.

The company achieved profits of 53.56 million dinars in the fourth quarter of last year, compared to profits of about 63.96 million dinars in the same period of 2019, a decrease of 16.3%.

The total equity of the company’s shareholders at the end of last year amounted to 1.315 billion dinars, compared to 1.299 billion dinars in 2019, an increase of 1.2%.

On the other hand, the total operating income of the company decreased last year by about 2%, to reach 1.627 billion dinars, compared to 1.661 billion dinars in 2019.

The company’s board of directors recommended, in its meeting that took place yesterday, to distribute cash dividends for the past year at 33% of the nominal value of the share, at 33 fils per share.

(Editing – Mohamed Farouk)


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