Kuwait’s Zain to post higher profits in 2010- paper
Zain posted a net profit of $694.7 million in 2009.
January 3, 2011 10:06 by Reuters
Kuwaiti teleco Zain , in which UAE’s Etisalat is eyeing a 46-percent stake, will see profits and revenues rise more than 50 percent in 2010, its chief executive said in published remarks on Monday.
The jump in profit and revenue is due to strong performance in the eight countries Zain operates in, Nabeel bin Salama told Kuwaiti daily newspaper al-Seyassah.
Last year, bin Salama said that profits from the $9 billion sale of Zain’s African operations to Bharti Airtel would be booked in the second-quarter. The deal closed in June.
Zain posted a net profit of 195 million dinars ($694.7 million) in 2009, making a net loss of 0.7 million dinars in the fourth quarter of the year.
In September, Emirates Telecommunications Corp (Etisalat) offered to buy 46 percent of the Kuwaiti telecom company at a price of 1.7 dinars per share, valuing the deal at just under $12 billion. The offer was made to one of Zain’s major shareholders, Kharafi Group.
(Reporting by Eman Goma; Editing by Dinesh Nair)