RIYADH: Shares of Zain KSA edged lower in early Monday trading, despite the company doubling its net profit for the first quarter of 2022.
As of 11:53 a.m. Saudi time, Zain’s shares were trading at SR13.96, down 0.71 percent.
Mobile Telecommunication Co. Saudi Arabia, known as Zain KSA, has seen a 98 percent increase in net profit during the first quarter of 2022, on the back of higher revenue.
The telecom firm’s net profit rose to SR81 million, ($21.6 million) from SR41 million on a quarterly basis, according to a filing to the Saudi Exchange.
The increase was due to a 12.44 percent rise in earnings driven by the growth in 5G and other revenue streams.