Zain CEO expects good financial year

Middle East and African mobile network provider, Zain, says that it expects good earnings results for the current financial year, despite prevailing negative economic conditions.

The comments were made by company CEO, Saad Al Barrak in a recent report. The report also outlined plans to spend USD5 billion on new acquisitions before 2011. It said that the company expected to meet its target of 30% increase in net profit for the financial year. The group reported net profit of USD1.4 billion in 2008.

Says Al Barrak: “Zain has grown into a global player with operations in more than 22 countries.”
He said that the company also planned to expand its presence in North Africa this year. In line with this strategy, Zain last month acquired a 31 percent stake in Wana , Morocco ’s third mobile operator, for USD324 million.

The firm also recently launched new service offerings in Ghana , including Africa ’s first 3.5G network.

— Mpendulo Ngwenya