Kuwait Zain telecom Q2 net profits slide over pandemic


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.