Zain Iraq reports impressive Q1 growth in major KPIs
Photo: Zain Group
Baghdad (IraqiNews.com) – In the first quarter of 2023, Zain Iraq’s revenue climbed by 15% to reach $223 million, while its EBITDA was $76 million, representing a 34% EBITDA margin. The business recorded an eight-fold rise in net profit of $30 million for the first quarter of 2023, mostly due to gains on the sale of towers.
It should be noted that this Tower sale reflects an intergroup transaction that was abolished with Zain Group unification. For a total of $180 million, Zain Iraq completed the sale and leaseback of 4,968 towers as well as the management rights to TASC Towers Iraq (a Zain Group affiliate). In the second half of 2023, the second phase of the sale of these towers to TASC Towers Holding will be completed.
Additionally, Iraq’s digital operator for Zain, oodi, has had strong YoY revenue growth and client growth.
Iraq now has 18.2 million customers, demonstrating a market-leading position, a 4% rise.