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Research Firm Maintains Neutral on Zain Saudi
Saudi Telecommunications Company "Zain Saudi Arabia," based on a recent report from Aljazira Capital, demonstrated remarkable growth in its financial performance during the second quarter of 2026. Net profit increased by 60.6% to reach 204 million riyals, compared to 127 million riyals in the same period of the previous year. Exceptional gains, including revenue from the comprehensive service fund and the sale of a portion of receivables, contributed to this growth, with the company achieving a high gross profit margin of 62.4%. Although revenues saw a slight decrease of 0.1% due to lower mobile phone sales, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose by 17.7% to reach 359 million riyals, with its margin improving to 32.9%. Aljazira Capital recommended maintaining a "Hold" rating on the stock with a target price of 11.40 riyals, expecting the debt levels to continue rising due to capital expenditures and working capital obligations.
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