JEDDAH: Zain Saudi Arabia posted SR5.934 billion revenue last year, an increase of 73.5 percent from SR3.4 billion recorded in 2009, the company said in a statement Monday. Zain KSA said it reduced operating losses last year by over 52 percent to SR1.164 billion, as opposed to SR2.467 billion in 2009. This was reflected in last year's net loss that declined by 24 percent to SR2.358 billion, compared to SR3.99 billion in 2009. Prince Husam Bin Saud Bin Abdul Aziz, Zain KSA Chairman of the Board of Directors, said last year's results confirmed that Saudi Zain is on the right path, noting that the recent results clearly showed the "progress achieved by the company year-after-year," the statement said. "These successes also showed a rise in confidence among clients and investors in the Kingdom. The company is exerting more and more efforts to maintain this confidence which it considers its real capital," he further said. The Prince said he expected the "successes and achievements to continue during the current year." Dr. Saad Al-Barrak, Executive President of Zain Saudi Arabia, said the results have strengthened the company's position and affirmed the efficiency of its operating and investment policies, noting that the rise in customer confidence was shown in growth of the company's share in the mobile communications market. "It was achieved as a result of proper planning and hard work to introduce high quality services at unprecedented competitive prices," he added.
