Mobile Telecommunication Company Saudi Arabia (Zain KSA) said net profit for the second quarter of 2024 fell 8% year-on-year (YoY) to 105 million Saudi riyals ($28 million) on higher finance costs.

Revenue grew 7% YoY to SAR 2.6 billion during the period due to the growth in B2B sales, 5G services, wholesale and fintech unit, Tamam.

Finance cost increased by SAR 20 million due to increase in SIBOR and LIBOR, the telco said on Tadawul. The company also recorded a one-time government grant income for the amount of SAR 52 million related to the closure of a project.

Net profit for the first half of 2024 dropped 86% to SAR 172 million from SAR 1.3 billion in the same period last year.

Revenue was up 6% YoY to SAR 5.1 billion.         

(Editing by Brinda Darasha; brinda.darasha@lseg.com)