NEWS
Zain Announces First Net Profit
Zain Saudi Arabia reported its
first ever quarterly net profit for
the three months ending March
31, 2017 driven by revenue
growth and optimization of its
operational cost structure.
combined with a unified
telecom license and other
favorable gestures by the
Saudi authorities, will
give Zain Saudi Arabia a
significant stimulus towards
achieving its business
objectives and at the same
time positively impacting its
financial performance.”
Bader Nasser Al Kharafi, Zain
Group Vice-Chairman and
Chief Executive Officer and
Vice-Chairman of Zain Saudi
Arabia commented, “This
strong performance of Zain’s
operation in Saudi Arabia
comes at a time when the Saudi
telecom market is witnessing
exponential growth in demand
for digital services which we
are exploiting, reflecting the
success of our turnaround and
cost optimization program, and
justifying our heavy investment
in expanding and upgrading the
state-of-the-art 4.5G network.”
Al Kharafi continued, “Despite the
intense competitive challenges of
the Saudi telecom market, Zain Saudi
Arabia is now on a forward growth
trajectory and the management team
remain cautiously optimistic and
clearly focused on strategic priorities,
Key performance indicators
for the first quarter Q1, 2017:
Compared to Q1, 2016, Zain
Saudi Arabia reported:
continually striving to improve all
aspects of this key operation for
Zain Group.”
Furthermore, Al Kharafi said, “The
decision to extend the operating
license for an additional 15 years,
•
First ever quarterly
net profit amounting to SAR
45 million
•
Revenues of SAR 1,919
million, up 9%.
•
Gross profit of SAR 1,291
million, up 19%.
• EBITDA of SAR 665 million, up
49%.
• Operational income of SAR 273
million
Amlak has tech revamp using Temenos
The implementation and delivery will
be done by National Data Consultants
(NDC), a Pakistan-based system
integrator and Temenos partner in the
Middle East and Asia. It is a subsidiary of Saudi Investment
Bank, which is a long-standing user
of Misys’ core, capital and treasury
management (TCM) and trade
finance solutions.
T24 will replace Silverlake Axis’ SIBS
core banking system, which has been in
use at Amlak for over a decade. Amlak
specialises in real estate financing and
development and caters for individuals
(including high net-worth), corporates
and real estate developers. Mixed rhythms
www.intelligentcio.com
Temenos has a number of customers
in Saudi Arabia. These include Alinma
Bank, Bank Albilad and Aljazira Capital.
There is also an ongoing T24 project
at Samba Financial Group. The
project started in 2011 and has
been a difficult, long-suffering affair,
Banking Technology understands. It is
yet to go live, it is understood.
However, Samba’s subsidiary in
Pakistan has been more successful
in its T24 roll-out, with the new
system going live there at the start
of 2017. The aforementioned NDC
was the system integrator. Samba’s
operations in the UAE are also now
live with T24. ¡
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