Zain Group Reports 9% Growth in Data Revenue
Zain Group Annual General Meeting was held today at Zain Group’s headquarters in Kuwait, with a livestreaming available for shareholders and qualified parties, attended with a quorum of 72.49% that approved the recommended cash dividend of 33% (33 fils per share) to the shareholders already registered in the company’s record as of 1 April 2020. Cash dividends will be paid to shareholders commencing 7 April 2021.
“The pandemic highlighted the importance of telecommunications and digital platforms as a major factor of societal and business continuity.”
Zain Group Chairman, Ahmed Al-Tahous
A statement published by the company says that its fixed and mobile broadband networks responded well to the increased data traffic being exchanged as remote learning and working became the norm. Since March 2020, Zain experienced over a 50% increase in high-speed broadband data traffic across various markets across its footprint.
“Company adhering to its three-year dividend commitment despite circumstances, 77% payout ratio of earnings is one of the highest in the region.”
Zain Vice Chairman and Group CEO, Bader Al Kharafi
Despite the unprecedented market conditions, Zain maintained robust commercial activity throughout 2020, investing USD 1.4 billion in its 5G and 4G networks as well as spectrum and license fees across its footprint, and producing strong financial results that reflected its continuing market leadership. Seeking to exploit the multiple and lucrative opportunities in the B2B space and provide customers an enhanced mobile experience, Zain launched 5G services in Kuwait and Saudi Arabia during 2019, followed by Bahrain in June 2020.
In addition, Zain continued to focus on 4G LTE technology in multiple operations. In Iraq and South Sudan, the company paved the way for the introduction of LTE by modernizing the network, with Jordan and Sudan expanding their LTE and FTTH networks to meet the demand for broadband during the pandemic.
We launched 4G LTE in Iraq in early 2021, which will contribute immensely to the socio-economic development of country and we forecast the Iraqi community to heavily subscribe to the technology.
Zain Vice Chairman and Group CEO, Bader Al Kharafi
