By John Lee.
Zain Iraq's Q1 2023 revenue increased by 15 percent to reach USD 223 million and EBITDA recorded was USD 76 million, reflecting an EBITDA margin of 34 percent, according to the company's results statement for the period.
The operation reported eight-fold increase in net profit of USD 30 million for Q1 2023 mainly driven by the gain on sale of towers, noting this Tower sale represents an intergroup transaction that was eliminated upon Zain Group consolidation.
The customer base increased 4 percent to 18.2 million, reflecting a market leading position.
During the first quarter, Zain Iraq finalizes the sale and leaseback as well as the management rights of 4,968 towers to TASC Towers Iraq (a subsidiary of Zain Group) for USD 180 million. The second phase to sell these towers to TASC Towers Holding will be concluded during second half of 2023.
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