July 17, 2021 | telecom

Zain Hit by Iraqi Dinar Devaluation

Zain Iraq's H1 2021 revenue reached USD 376 million, and EBITDA amounted to USD 145 million, reflecting an EBITDA margin of 39%.

Net profit reached USD 24 million for the period. The operator's customer base increased by 7% to reach 16.1 million customers maintaining its market leading position.

It should be noted that the Iraqi dinar devaluation also impacted Zain Iraq's revenue by USD 88 million for the six-month period.

Bader Nasser Al-Kharafi (pictured), Zain Vice-Chairman and Group CEO commented:

'To minimize the impact of the currency devaluations, management has proactively undertaken decisive cost optimization initiatives across all markets, and both Zain Iraq and Zain Sudan have revamped prices and are now offering new attractive data monetization packages.'


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