Saudi-listed Mobile Telecommunication Company Saudi Arabia’s (Zain KSA)  net profit rose 130 percent to 1.26 billion Saudi riyals ($336 million) in 2023, compared to SAR 550 million a year ago.

Revenues climbed 9.9 percent year-on-year (YoY) to SAR 9.88 billion, on the back of growth in business-to-business, 5G, digital products, wholesale and Tamam fintech subsidiary.

However, finance costs jumped by SAR 153 million due to increase in SAIBOR and LIBOR rates.

Additionally, Zain KSA paid all its financial debt worth SAR 2 billion for 2023.

Separately, the telco’s board of directors proposed a dividend of SAR 449 million, or SAR 0.5 per share, for 2023.

(Editing by Seban Scaria seban.scaria@lseg.com )