Business

Zain Group holds AGM with a quorum of 79.2%; Assembly approves extension of a minimum 35 fils dividend policy for another 3 years until 2028

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5 months ago

April 16, 2025

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KUWAIT CITY, Apr 16: The Zain Group Annual General Meeting(AGM) was held at the Zain Group’s ‎headquarters in Kuwait, attended with a quorum of 79.2% of shareholders whereby they were presented with ‎the Zain Group’s 2024 annual report entitled “Better Lives, Lasting Connections” which highlights the financial ‎statements, Governance and Auditors reports and the major achievements of Zain Group and its operations ‎and subsidiaries across Middle East and Africa, for the year ended December 31, 2024. Additionally, Zain Group ‎released its 2024 Sustainability Report entitled “The New Paradigm Shift”. ‎

The shareholders approved all items on the AGM agenda, including the recommended cash dividend of 25% ‎‎(25fils per share) to the shareholders already registered in the company’s record date of Sunday, 4 May 2025. ‎Cash dividends will be paid to shareholders commencing Wednesday, 7 May 2025. Notably, the Assembly also ‎approved the extension of a minimum 35 fils dividend policy for another 3 years until 2028.‎

Attractive dividends for Shareholders

This 25filsdividend for H2 2024 follows the semi-annual dividend of 10 fils distributed earlier in 2024, totaling 35 ‎fils per share for the year and reflecting a 73% payout ratio, one of the highest in the region.Total cash dividends ‎for 2024 amounted to KWD 151.4 million ($492 million). In 2023, Zain adopted a minimum cash dividend policy of ‎‎35 fils per share for three years that has now been extended till 2028.‎

Solid Financial Performance during 2024‎

‎2024 was a defining year for Zain in growing the business and increasing shareholder value despite socio-‎economic challenges (primarily Sudan) across the company’s footprint. The implementation of numerous ESG ‎initiatives as well as the acceleration of digital transformation and revenue growth from new business verticals ‎have future-proofed Zain and prepared the company for the next phase of growth.‎

During the AGM, Zain Group presented its financial results for the full-year 2024, whereby the company served ‎‎49 million customers.For FY-24, Zain Group generated consolidated revenue of KD 2 billion (USD 6.4 billion), up ‎‎3% YoY, a 15-year high. Consolidated EBITDA for the period reached KD 689 million (USD 2.25 billion), with ‎normalized EBITDA growth of 2% (excluding number range claim in 2023), reflecting an EBITDA margin of 35%. ‎Consolidated net income reached KD 208 million (USD 677 million), representing normalized net income growth ‎of 15%, when adjusted for number range claim and Tower transaction gain in 2023 and gain on business ‎combination from acquisition of IHS (Kuwait TowerCo) in 2024. Earnings per share amounted to 48 fils (USD ‎‎0.16). ‎

Excerpts from the Board of Directors statement at the AGM

The Board of Directors welcomes all shareholders and affiliated parties to the Annual General Assembly of Zain ‎Group.‎

Over the past year, Zain has reaffirmed its regional position as an innovative ICT and digital lifestyle provider, ‎playing a major role in shaping digital economies in markets across the Middle East and Africa. The company’s ‎focus has been on enhancing financial inclusion, developing advanced fintech solutions, digital services and ‎building data infrastructure centers. Zain’s dynamic digital ecosystem has also focused on catering to meet the ‎growing demand for cloud services, cybersecurity, data analytics, and emerging technologies to empower ‎enterprises and government entities that provide the region’s markets with a solid foundation for this digital ‎economy. ‎

Zain Group is committed to implementing a solid framework model for corporate governance, with an emphasis ‎on enhancing its comprehensive governance environment. In this context, Zain was crowned World Finance’s ‎‎’Best Corporate Governance’ recipient 2024 for Kuwait for the fourth consecutive year. This excellence was ‎further highlighted by Zain’s recent upgrade to BBB in the recently issued Environmental, Social and Governance ‎Standards Index (MSCI ESG).‎

Zain Group’s ESG practices are consistently rated highly by S&P, MSCI, and FTSE rating agencies. ESG practices ‎are critical for stakeholders as they reflect the Group’s commitment to sustainability, and long-term, responsible ‎management.‎

On behalf of Zain Group Board Members, executive management, and employees, I would like to express our ‎combined sincere appreciation for the confidence shown in us by our valued customers and shareholders, as ‎well as by all the government ministries, and regulatory authorities across our markets of operation.‎

Excerpts from Zain Vice-Chairman and Group CEO, Bader Al Kharafi’sAGM statement

As a leading entity listed on Kuwait’s Premier market as well as having local listings in Saudi Arabia (KSA), Iraq, ‎and Bahrain, Zain has an unwavering commitment to drive profitable and sustainable growth, and create value ‎for all stakeholders. ‎

To achieve this, the Board and executive management have worked closely to overcome socio-economic ‎challenges in our markets, where we maximize value creation by investing heavily in our networks, ‎technologies, and people. We have succeeded in implementing future-focused strategies to drive forward the ‎evolution of digital ecosystems across the Group’s footprint, resulting in us extending our market leadership in ‎many highly competitive, evolving, and complex markets. ‎

From 4SIGHT to 4WARD

‎2024 witnessed the ongoing implementation of our 4SIGHT digital transformation strategy that delivered ‎significant milestones and solid performances across all our markets, driving sustainable growth and value to our ‎customers and stakeholders. ‎

In December 2024, we unveiled the ‘4WARD-Progress with Purpose’ corporate strategy to accelerate the ‎company’s evolution into a purpose-driven TechCo conglomerate providing ‘Better Lives and Lasting ‎Connections’.The strategy was formulated internally and builds on the significant momentum and ‎transformational accomplishments achieved under the previous 4SIGHT corporate strategy.‎

‎4WARD comprises four primary forces, each with three accelerators (thus 12 key accelerators in total) to meet ‎the ever-growing demand for superior and dynamic consumer and enterprise services. These four forces – ‎Customer Delight; Digital Zain; Purpose and Action; and Collaborative Growth – will focus on continuity, ‎acceleration, collaboration and digital innovation, all designed to foster value creation by fast-tracking Zain’s ‎evolution from a predominantly mobile centric operator into a purpose driven, customer-centric, future-proof, ‎and impactful leading regional TechCo. ‎

We are confident that 4WARD will build on the success of the 4SIGHT strategy and provide the necessary ‎impetus for Zain’s continued evolution, growth, relevance, and impact on shaping societies and drive the Zain ‎brand value to even greater heights. ‎

CAPEX investments in network expansion and cutting-edge technologies is driving revenue growth and ‎improving mobile and data experience for customers

During the year, Zain enhanced its operational capabilities significantly through substantial capital expenditure ‎‎(CAPEX) amounting to USD 1.1 billion (reflecting 17% of revenues), which primarily focused on expanding the ‎company’s 4G and 5G networks, as well as enhancing fiber-to-the-home (FTTH) infrastructure. ‎

This has driven revenue growth in profitable areas such as our Enterprise and Government businesses, as well ‎as in our digital services to consumer offerings across our footprint. ‎

Our state-of-the-art networks are empowering the spectacular growth of all the new business verticals, ‎including Fintech, ZainTECH, ZOI, FOO and Dizlee, generating additional revenue of USD 253 millionin 2024, which ‎reflects revenue growth of 130% YoY. Consolidated data revenue reached USD 2.44 billion, representing 38% of ‎the Group’s 2024 revenue.‎

The main impact of our CAPEX investment is the massive enhancement that it provides mobile and data ‎experience for individuals, businesses and government clientele.‎

Numerous achievements of the 4SIGHT strategy (2019-2024) have future-proofed Zain

This solid 2024 performance can be attributed to the successful implementation of the ‘4SIGHT’ corporate ‎strategy that was born in 2019 and concluded in December 2024, achieving its aim to transform the company into ‎a multi-faceted provider of digital services for consumers, governments, and businesses. 4SIGHT was based on ‎two strategic directions, centered on evolving Zain’s core telecom business to maximize value and leverage the ‎company’s many strengths to invest in selected high-growth verticals beyond standard mobile services.‎

Since then, 4SIGHT has successfully steered Zain’s transformation from being a mobile-centric company to a ‎multi-faceted organization, successfully transforming its fixed and mobile services, and expanding into several ‎new business verticals including ICT, Digital Mobile Operations, Fintech, Entertainment, Digital Infrastructure, ‎Subsea and Cross-Border Connectivity, and more.‎

Landmark achievements concluded under 4SIGHT among many others include the creation of:‎

‎1. ZainTECH, : the Group’s regional ICT and Digital Solutions arm was established in 2021, positioning Zain as a ‎key player in the digital transformation of enterprises and governments across the region. ‎

‎2. Fintech: Zain launched fintech offerings across several markets, gaining strong market traction with Tamam, a ‎microfinance play in KSA, Bookey in Kuwait, and Bede in Bahrain, and the revamping of Zain Cash to become a ‎market leader in Jordan and Iraq.‎

‎3. Network Tower strategy: This created enormous value through the sale and leaseback deal of Zain towers in ‎KSA, Jordan, and Iraq over the years. The landmark merger of the tower portfolios of Zain and Ooredoo will ‎create the largest TowerCo in the region with over 30,000 towers. In December 2024, Zain increased its 30% ‎ownership in IHS Kuwait Limited to 100%. ‎

‎4. Zain Omantel International (ZOI): In partnership with Omantel, Zain established ZOI, a regional wholesale ‎powerhouse serving operators, international carriers, and hyperscalers. Notably ZOI was the highest-ranked ‎carrier network in the region, and top 100 worldwide, out of 70,000 active networks. ‎

‎5. Digital Operators: In KSA, under the Yaqoot brand, in Iraq under the oodi brand, and in Kuwait in partnership ‎with RedBull Mobile, we have cumulatively witnessed impressive customer and revenue growth. By delivering a ‎market-leading app-based experience targeting a younger audience, we provide digital-grade platforms to ‎digitize customer journeys to streamline processes.‎

‎6. Dizlee: Zain’s Group-wide dynamic API platform and digital monetization ecosystem offers innovative ‎entertainment and gaming solutions, direct operator billing, messaging, and digital authentication. ‎

The multiple digital transformational initiatives and expansion of new business verticals achieved under 4SIGHT ‎has driven business growth and positioned Zain firmly as a leading provider of innovative ICT and digital lifestyle ‎services, delivering meaningful connectivity that empowers societies. ‎

Zain’s Sustainability and climate change efforts are leading the region ‎

Zain maintains an unwavering commitment to integrating climate action into its corporate sustainability strategy, ‎which was first announced in 2020, paving the way for a resilient, low-carbon future while addressing the ‎pressing environmental challenges facing the Middle East and North Africa (MENA) region.‎

Building on the foundation of its five-year corporate sustainability strategy, Zain made significant progress in ‎‎2024, as it marked a pivotal step in the company’s journey toward establishing long-term sustainable value for all ‎stakeholders by accelerating its climate action agenda. Zain submitted and received approval on its Net-Zero ‎targets from the Science-Based Targets initiative (SBTi), reflecting the company’s dedication to a Net-Zero ‎economy and making Zain the only Kuwaiti-based corporate to have its emission reduction targets verified by ‎the SBTi.‎

The powerful and admired Zain brand is a key aspect of the company’s success

Our efforts in every aspect of the business resulted in a 14.5% YoY increase of Zain’s brand value to USD 3.5 ‎billion (according to the BrandFinance 2025 rankings), ranking it among the top 25 strongest telecom brands and ‎top 40 most valuable telecom brands globally. The continual growth in our brand valuation and rankings some 18 ‎years after the initial Zain brand launch in September 2007 is testament to the passionate actions, services, and ‎investment the company has placed in establishing its name and identity. ‎

The innovative media campaigns, numerous corporate sustainability, inclusion, diversity, and equity (IDE) ‎initiatives Zain has instituted over the years have won us the hearts and minds of our customers and ‎employees, which are key drivers for the Zain brand’s value success.‎

Today, we have a social media following exceeding 35 million, and annually, we count over 200 million YouTube ‎views of our creative videos, with many of them going viral.‎

Conclusion

On behalf of the executive management team, I would like to extend my sincere thanks to the talented 8,000-‎strong Zain workforce, our 49 million individual customers and other corporate clientele and government ‎bodies, all of whom contribute to the Zain ecosystem and our success in providing meaningful connectivity to ‎the communities we serve. ‎

Our focus for 2025 will be on executing our ‘4WARD-Progress with Purpose’ corporate strategy, accelerating our ‎evolution to a TechCo through investment in network expansion, digital technologies, strategic business ‎opportunities, and talent, in a collaborative and sustainable manner, to ensure the company reaps the rewards ‎of being at the forefront of digital transformation in the ever-growing mobile and ICT sector. This will take the ‎Zain brand to new heights.‎

Related Topics:AGM approves assembly dividend extension fils group holds minimum policy quorum years Zain

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Ethiopia inaugurates Africa’s largest hydroelectric dam as neighbors eye power imports

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A view of the Grand Ethiopian Renaissance Dam in Benishangul-Gumuz, Ethiopia on Sept 9. (AP)

ADDIS ABABA, Ethiopia, Sept 10, (AP): Ethiopia on Tuesday inaugurated Africa’s largest dam to boost the economy, end frequent blackouts and support the growth of electric vehicle development in a country that has banned the importation of gasoline-powered vehicles. As reservoir waters flowed into the turbines of the Grand Renaissance Dam, Ethiopians dressed in colorful regalia viewed the ceremony on large screens across the capital, Addis Ababa, and celebrated the achievement with dancing to traditional music.

“We will have enough power to charge our electric vehicles from the new dam,” said Belay Tigabu, a bus driver in Addis Ababa’s main bus terminal. The almost $5 billion mega-dam, located on the Blue Nile tributary of the Nile River near Ethiopia’s border with Sudan, will produce more than 5,000 megawatts and is expected to double national electricity generation capacity, according to officials. Ethiopia’s Prime Minister Abiy Ahmed, speaking during the launch, said the dam was a “big achievement” that would show the world what Africans are capable of accomplishing.

Dozens of visiting African heads of state and government joined Abiy for the inauguration, with many expressing interest in importing power from Ethiopia. “I am proud to announce we will soon be signing an agreement with the government of Ethiopia to receive electricity from the dam that will benefit our hospitals and schools,” said South Sudan’s President Salva Kiir. Kenyan President William Ruto said his nation is looking to sign a power purchasing agreement with Ethiopia based on the resources of the dam project, which he said was a “pan-African statement.”

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3 hours ago

September 10, 2025

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A dealer stands near the screens showing the Korea Composite Stock Price Index (KOSPI), (left), and the foreign exchange rate between US dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea on Sept 10. (AP)

TOKYO, Sept 10, (AP): Asian shares mostly rose in early Wednesday trading, echoing record rallies on Wall Street after the latest update on the job market bolstered hopes the US Federal Reserve will cut interest rates. Japan’s benchmark Nikkei 225 gained 0.9% to finish at 43,837.67. Australia’s S&P/ASX 200 added 0.3% to 8,830.40.

South Korea’s Kospi jumped 1.7% to 3,314.66. Hong Kong’s Hang Seng rose 1.1% to 26,223.30, while the Shanghai Composite edged up 0.2% to 3,814.63. Uncertainty is still in the air over US-China tariff issues as bilateral talks continue. US President Donald Trump has raised taxes on imports from China, triggering a tit-for-tat tariff war.

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Real estate transactions dip sharply in Kuwait

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This is a decline of approximately 55 percent in the number of transactions (77 transactions) and a 49 percent decrease in the value or KD 79.32 million. It is a clear indication that the market has entered a short-term slowdown after a remarkable wave of activity in August. Regarding private real estate transactions, they declined from 89 in the last week of August to just 37, a decrease of nearly 58 percent. The value also fell from KD 33.4 million to KD 13.5 million — by KD19.9 million, a decrease of nearly 60 percent. This indicates a decline in residential ownership activity due to travel or investors’ anticipation of market movements following the recent enactment of several real estate laws. Despite the decline in the number of investment transactions from 28 in August 2025 to 22 in September, the value of transactions increased to KD 17.6 million, compared to KD 15.3 million in August. It means continued demand for investment properties and the search for attractive, quality opportunities. As for commercial transactions, only three transactions were recorded this week, worth KD52.8 million or 60 percent of the total weekly trading value. It shows the execution of quality deals and investors’ focus on quality transactions and assets with long-term returns.

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