Zain Saudi Arabia, the telecoms company in which Kuwait's Zain Group has a 37 per cent stake, reported a 15-fold profit rise, surprising the market, as revenues jumped and demand for its services rose.
Net profit for the three months to September 30 surged to 48 million riyals (Dh47m) from 3m riyals reported a year earlier, the company said on Monday in a bourse filing to the Saudi stock exchange, where its shares are traded. Revenues climbed 8 per cent year-on-year to 1.95 billion riyals, it added.
Analysts polled by Bloomberg on average estimated Zain Saudi to post a third quarter loss of 37.3m riyals.
“Increase in revenues by 8 per cent amounting 145m [riyals] generated from increasing demand for the company’s products and services which has reflected in an increase of 106m [riyals] in the gross profit,” Zain said in the bourse filing.
The company reported an increase of 21m riyals in other income following the “finalisation of the Universal Service Fund granted from the government”, it added.
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Zain Saudi, the kingdom's third biggest telecom operator, has struggled to compete with incumbents Saudi Telecom Company and Mobily since its 2008 launch. The company failed to maintain profitability in the second quarter as revenues slumped and costs climbed. It swung to a net loss of 38m riyals in the three-month period to June from a profit of 8m riyals in the second quarter of 2017, it said in a bourse filing at the time.
Telecom operators in the Saudi market are facing increased pressure after Riyadh imposed 5 per cent VAT at the beginning of this year, which has affected consumer spending. The regulatory changes in the market such as removal of restrictions on voice over internet protocol has also put pressure on their revenues from international calls.
Despite improved profitability in the third quarter, the company swung to a net loss for the January to September period.
Zain said its loss for the first nine months came in at 67m riyals, compared to a profit of 57m riyals for the same period in 2017.
Killing of Qassem Suleimani
Match info
Deccan Gladiators 87-8
Asif Khan 25, Dwayne Bravo 2-16
Maratha Arabians 89-2
Chadwick Walton 51 not out
Arabians won the final by eight wickets
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
The%C2%A0specs%20
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THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
More from Neighbourhood Watch:
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
Most F1 world titles
7 — Michael Schumacher (1994, ’95, 2000, ’01 ’02, ’03, ’04)
7 — Lewis Hamilton (2008, ’14,’15, ’17, ’18, ’19, ’20)
5 — Juan Manuel Fangio (1951, ’54, ’55, ’56, ’57)
4 — Alain Prost (1985, ’86, ’89, ’93)
4 — Sebastian Vettel (2010, ’11, ’12, ’13)
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
