Zain Group reported revenues for the first six months of 2016 of KWD 552 million, down 2 percent year-on-year. EBITDA rose by 6 percent to KWD 255 million compared with the same period in 2015. The EBITDA margin increased to 46.2 percent from 42.8 percent for the same period of 2015. Consolidated net income rose 2 percent to KWD 82 million and earnings per share reached AED 0.21.
The group incurred foreign currency variance losses amounting to USD 57 million for the first six months of 2016, a USD 15 million increase from a USD 42 million impact for the same period in 2015, predominantly accounted for by operations in Iraq and Sudan.
For the second quarter, Zain reported a 3 percent decline in its revenues to KWD 275 million on the same period in the previous year. EBITDA reached KWD 132 million, up 7 percent year-on-year, reflecting an increased EBITDA margin of 48.1 percent, compared with 43.7 percent. Net income amounted to KWD 45 million, up 14 percent year-on-year, reflecting earnings per share of KWD 0.11. The group incurred foreign currency losses of USD 22 million in the second quarter, a USD 13 million decrease from a USD 35 million impact for the same period in 2015.