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Kuwait Zain telecom Q2 net profits slide over pandemic

The logo of Kuwait's telecom company Zain is displayed at a store in Kuwait City
The logo of Kuwait's telecom company Zain is displayed at a store in Kuwait City YASSER AL-ZAYYAT AFP
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Kuwait City (AFP)

Kuwait's Zain telecom said Wednesday its net profits in the first half of 2020 plunged due to business disruptions caused by the coronavirus pandemic.

Zain recorded a 28-percent collapse in net profits in the second quarter, compared to the same period of 2019, posting $117 million.

For the six months ending June 30, net profits fell 14 percent, year-on-year.

Zain said its business was impacted by the closure of retail stores as well as a halt to international business and travel that hit revenues from roaming services.

Kuwait has declared almost 400 deaths from more than 56,000 cases of COVID-19.

"All our operations were focused on providing connectivity during the lockdown to minimise the impact of the pandemic on socio-economic life," Zain's CEO Bader al-Kharafi said.

Zain has 47 million customers and operates in Iraq, Saudi Arabia, Jordan, Bahrain and Sudan.

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