IDG News Service —
Aggressive marketing campaigns and an increased investment in network quality has paid off for Zain, as consolidated revenue grew by 26 percent to US$3.5 billion in the half-year.
The company reported that consolidated earnings before interest, taxes, depreciation and amortization increased by 20 percent to $1.3 billion. Net profit increased 7 percent over the same period last year to $551.5 million.
"Fierce competition in many markets was the outstanding challenge of the period," said Zain CEO Saad Al-Barrak. "These results reflect the operational efficiencies in a company that is investing heavily and rapidly expanding across two continents."
Zain currently operates as Celtel in Africa, but all 14 African operations will be rebranded as Zain in August to create a brand identical to that of Zain operations in the Middle East.
In 2008, Zain's aggressive marketing and investment campaigns saw the company's entry into Iraq, Nigeria and Sudan, markets that hold more than half of Zain's 50 million subscribers. With operations in 22 countries, Zain hopes to become one of the top 10 mobile providers in the world by 2011.
