Africa’s biggest mobile cellular company records US$1. 887 billion profit

ZAIN Group, a leading mobile telecommunications operator doing business in 22 African countries and the Middle East, has recorded a 25 percent growth in revenue in the third quarter of 2008, compared to the same period last year.
The Group realised consolidated revenues of US$1.887 billion in the quarter under review.
The company’s consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) increased by 20 percent for the same period to reach U$763.6 million.
ZAIN’S consolidated net profits reached US$326.6 million, an increase of 7 percent on the 2007 comparable period profits. Year-on-year customer growth across the two continents where the Group operates, was 54 percent.

ZAIN was serving 56.3 million managed active customers as at 30 September this year. Commenting on the period under review and financial results, ZAIN chief executive officer, Saad Al-Barrak, said: “This quarter has been both the most challenging and most rewarding in ZAIN’S corporate history since the launch of our profitable expansion strategy in 2003, laying the foundation for our 2011 targets of being a top-ten global telecommunications company,” he said.
The ZAIN brand has been warmly received across the African continent since its launch on August 1, 2008, Al-Barrak added. “Our Nigerian operation is witnessing exponential customer growth based on the heavy investment in network upgrades and expansion. We are extremely excited by the future potential in all facets of this operation.

“In East Africa, our Madagascar, Tanzania and Uganda operations focus on customer acquisition is paying off, all three recording impressive results. “We expect our revamped Kenyan operation to follow suit as the new management team is now totally geared for the challenges ahead with concerted ZAIN Group support on all fronts. Our Ghana operation will commence mobile services by the end of 2008,” he said