Zain Posts Record Revenue of KWD 1.8 Billion in 9 Months, EPS at 70 Fils
Key Facts
Zain Group said consolidated revenue reached KWD 1.8 billion in the first nine months of 2026, up 4% year on year and the highest level for the period in 17 years. The company said net income rose 59% to KWD 304 million, including gains of $501 million from strategic investments made by Zain Ventures. Earnings per share were 70 fils, while earnings before interest, taxes, depreciation and amortization reached KWD 587 million, up 4% year on year. The measure had a margin of 34% of revenue. The results show operating activity growing at a slower pace than the jump in net income, which included investment gains.
In the third quarter alone, group revenue rose 2% year on year to KWD 615 million, and net income climbed 30% to KWD 84 million, while earnings per share were 19 fils. Zain said third-quarter net income of KWD 84 million was part of the nine-month results, which included $501 million in gains from strategic investments. Data revenue grew 11% in the nine months to $2.3 billion. It represented 39% of the group’s total revenue, making it one of the main components of activity in the period’s results. Growth sectors also generated revenue of $759 million, up 30% year on year.
The company said regional instability affected roaming revenue, device availability and enterprise revenue in several markets, alongside currency devaluation in Sudan. In the third quarter, Zain Sudan revenue was $155 million, and the operation recorded net income of $63 million for the quarter and $178 million for the nine months. Its customer base in Sudan grew 8% year on year to 13.2 million during the quarter. But the company said the Sudanese pound’s 15% depreciation during the quarter limited the impact of network restoration gains and customer growth on results denominated in dollars. It added that it was taking measures to mitigate the effect of the currency’s decline.
At the group level, active customers totaled 53 million as of September 30, up 3% year on year. Zain said growth was driven by network restoration in Sudan and expansion in Iraq. The period’s results included 4% growth in consolidated revenue, 11% growth in data revenue and a 30% increase in revenue from growth sectors. Net income included investment gains of $501 million, according to the company’s announcement. In the first half of 2026, Zain reported net profit of KWD 220 million, up 73%, on revenue of KWD 1.14 billion, up 5% year on year. First-half results included gains of $411 million from Zain Ventures investments.
On shareholder returns, Zain distributed an interim cash dividend of 17 fils per share on October 6, 2026, for the first half, totaling KWD 73.6 million. The vice chairman and chief executive said the group’s transformation into an investment-focused technology and telecommunications company was driving revenue growth and creating shareholder value. He added that the company would continue strategic investment while pursuing systematic exits to strengthen cash flows. On infrastructure investment, Zain said the regional tower platform it launched with Ooredoo had about 4,000 towers following its first closing. Each group owns a 50% stake in the platform.
Zain expects commercial launch under the Zain Syria brand to begin in the first quarter of 2027, subject to completing regulatory conditions and licensing requirements. The timetable places expansion into the Syrian market among the group’s plans for the coming period, with the launch remaining conditional on those requirements being met. In Sudan, the company said network restoration and customer growth had not fully flowed through to results because of the currency’s decline against the dollar. It pointed to measures to mitigate the impact, while regional instability also affected roaming, device availability and enterprise revenue in several markets. Sudan’s performance forms part of an operating picture combining customer-base growth and income generation with the impact of currency devaluation on results.