Kuwait Zain telecom Q2 net profits slide over pandemic
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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.
© 2020 AFP