By John Lee.
In its full-year results announced on Sunday, Zain Group CEO Scott Gegenheimer (pictured) said the escalation of political instability in Iraq in 2014 saw several million people displaced internally coupled with Zain Iraq enduring frequent temporary network interruptions and associated higher network operational costs:
"These exceptional circumstances adversely affected the operation’s financial performance specifically for the 2nd half of 2014.
"Revenues for the full-year reached USD 1.6 billion [1.9 trillion Iraqi dinars], a decrease of 8% on 2013, with EBITDA reaching USD 578 million, down 19%, and net income amounting to USD 256 million, down 29% Y-o-Y.
"This decline took its toll on Zain Group’s overall financial performance."
(Source: Zain Group)