By John Lee.
Zain Iraq has reported a net profit of $29 million for 2017, up from a loss of $5 million the previous year.
In a statement, the company said:
"Despite the challenging yet improving socio-economic circumstances facing the operation, Zain Iraq performed exceptionally well when compared to the previous year.
"Revenues grew consecutively on a quarter-on-quarter basis, with full-year revenues reaching USD 1.1 billion, a 2% increase Y-o-Y and EBITDA reached USD 382 million, down 3%.
"The operation reported a net profit of USD 29 million, up 657% Y-o-Y compared to a loss of USD 5 million in the previous year, with EBITDA margin standing at 35%. The expansion of 3.9G services across the country and restoration of sites in the West and North, combined with numerous customer acquisition and retention initiatives, especially in core regions, resulted in impressive addition of two million customers (16% increase) to reach 14.7 million.
"Also contributing to the operation’s financial revival was the significant growth of data revenues, strong growth in the corporate segment, increase in voice revenues through the launch of numerous segmented offers, and the improvement of customer experience and customer services.
"The strength of the Zeyara holy season was also a factor as Zain Iraq heavily promoted connections and exclusive deals with roaming its partners. Cost optimization was also a key focus in major items such as repair and maintenance."