The Zain Group, Kuwait’s largest telecom provider, said on Sunday its third-quarter net profit plunged 6 per cent year-on-year to 40 million dinars (Dh485m) because of foreign currency fluctuations in countries including Sudan.
Consolidated revenue fell 6 six per cent year-on-year in the third quarter to 259m dinars, the company said in a statement to the bourse.
Earnings before interest, tax, depreciation and amortization for the quarter reached 104m dinars, a decrease of 23 per cent year-on-year.
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Zain Group said performance in the third quarter was affected by foreign currency fluctuations – in particular a 63 per cent currency devaluation in Sudan, which cost the company US$148m in revenue and $20m in net income.
Excluding this impact, year-on-year revenues and net income would have grown by 11 per cent and 9 per cent respectively for the quarter, the group said.
Zain's total customer base stood at 45.3 million in the third quarter. The period was marked by 10 per cent net income growth in Kuwait, "robust" customer growth of 16 per cent in Iraq, and healthy revenue and data growth in Saudi Arabia and Jordan.
Zain Group chairman Mohannad Al Kharafi said: “The concerted focus on expanding and exploiting our high-quality networks is proving instrumental as we recorded growth in several key financial metrics across many of our markets for the third-quarter and nine-month periods of 2017.
“Especially pleasing was the healthy revenue and net income growth in our home market of Kuwait and in Saudi Arabia where the turnaround continues to progress.”
Among the operational highlights during the third quarter were the sale of almost 10 per cent of Zain, in August to Oman Telecommunications Company or Omantel for 255.4m dinars, and the imminent sale-and-leaseback of the company's telecom towers in Kuwait for 50m dinars to IHS Holding, Zain said.
Bader Al Kharafi, Zain vice-chairman and group chief executive said: "Both transactions will enhance our financial flexibility as we continue to seek opportunities in the digital space and upgrade our networks.
“One transaction set the course for future co-operation with Omantel…The other marked the beginning of a strategy to unlock value from our fixed infrastructure, which can be more efficiently deployed in new technologies and higher yielding investments.”
Omantel said earlier this month it has also agreed to buy a further 12.1 per cent stake in Zain, making it the second-largest shareholder in the Kuwait operator.
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
The%20specs
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Company%20Profile
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England squads for Test and T20 series against New Zealand
Test squad: Joe Root (capt), Jofra Archer, Stuart Broad, Rory Burns, Jos Buttler, Zak Crawley, Sam Curran, Joe Denly, Jack Leach, Saqib Mahmood, Matthew Parkinson, Ollie Pope, Dominic Sibley, Ben Stokes, Chris Woakes
T20 squad: Eoin Morgan (capt), Jonny Bairstow, Tom Banton, Sam Billings, Pat Brown, Sam Curran, Tom Curran, Joe Denly, Lewis Gregory, Chris Jordan, Saqib Mahmood, Dawid Malan, Matt Parkinson, Adil Rashid, James Vince
Turning%20waste%20into%20fuel
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Virtuzone GCC Sixes
Date and venue Friday and Saturday, ICC Academy, Dubai Sports City
Time Matches start at 9am
Groups
A Blighty Ducks, Darjeeling Colts, Darjeeling Social, Dubai Wombats; B Darjeeling Veterans, Kuwait Casuals, Loose Cannons, Savannah Lions; C Awali Taverners, Darjeeling, Dromedary, Darjeeling Good Eggs
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
more from Janine di Giovanni
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