Zain Saudi's profits double in the third quarter, and the stock reacts.

The Saudi Mobile Telecommunications Company (Zain Saudi Arabia) has released its financial performance report for the third quarter of the year and the first nine months of 2024 through the Tadawul platform.

During the third quarter, Zain Saudi Arabia achieved a net profit – after deducting zakat and taxes – of 150 million riyals, representing an increase of 114.285% compared to the same period last year, when the Saudi telecommunications company reported a net profit of 70 million riyals.

In the nine-month period ending in September, the company’s net profits declined by 75.624%, reaching 322 million riyals, after exceeding the one billion riyal mark during the same period in 2023, which amounted to 1.321 billion riyals.

The increase in total profits by 232 million riyals contributed to enhancing Zain Saudi Arabia's quarterly performance; however, operating expenses also increased by 33 million riyals (5%). Additionally, expected credit loss expenses rose by 180 million riyals due to the allocation of additional value for receivables from the individuals and businesses sector.

Regarding today's trading on the Saudi stock exchange, Zain Saudi Arabia's stock (TADAWUL: 7030) rose by approximately 0.74%, trading at 10.84 riyals.