{"id":108632,"date":"2026-05-10T00:00:00","date_gmt":"2026-05-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/?p=108632"},"modified":"2026-05-10T03:00:56","modified_gmt":"2026-05-10T03:00:56","slug":"zain-saw-is-net-income-double-last-quarter","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2026\/05\/10\/zain-saw-is-net-income-double-last-quarter\/","title":{"rendered":"Zain saw is net income double last quarter"},"content":{"rendered":"

More companies are out with their quarterly earnings <\/strong>\u2014 we have earnings from Zain KSA, Elm Company, ABI, and Dar Alarkan. <\/p>\n

\n

Zain\u2019s net income more than doubles on cost relief and one-offs<\/p>\n

Mobile Telec<\/strong>ommunication (Zain KSA) reported a 116.1% <\/strong>y-o-y surge in net income <\/strong>to SAR 201 mn in 1Q 2026, according to a Tadawul disclosure<\/a>. This came despite a 1.3% y-o-y dip in revenue to SAR 2.7 bn during the same period. <\/p>\n

Behind the jump in net income: <\/strong>Net income was mainly lifted by a SAR 98 mn one-off gain from the Universal Service Fund, which, if excluded, would put income growth at 11% y-o-y. Other drivers included a stronger revenue mix, a 9.8% decline in cost of revenue driven by lower device costs, and a 15% reduction in finance costs following debt optimization and repayments.<\/p>\n

Zain has been tidying up its debt: <\/strong>Zain has been on an 18-month debt cleanup that\u2019s starting to hit the books. By the time 1Q rolled around, Zain had already replaced its aging, expensive debt with two major shariah-compliant facilities \u2014 a SAR 5.5 bn<\/a> murabaha facility from a five-bank syndicate to refinance SAR 4.7 bn in maturing debt on \u201cfavorable terms,\u201d and a SAR SAR 1.9 bn<\/a> Al Rajhi loan that refinanced its outstanding Finance Ministry facility.<\/p>\n

\n

Elm sees strong 1Q growth despite higher costs<\/p>\n

PIF-owned digital giant Elm Company <\/strong>posted a strong start<\/a><\/strong> to 2026<\/strong>, with net income up 32.5% y-o-y to SAR 656 mn and revenue up 31.7% y-o-y to SAR 2.5 bn.<\/p>\n

Broad-based growth: <\/strong>Business process outsourcing led the charge with a 43.2% y-o-y revenue surge, followed by a 30.4% increase in professional services. The digital business segment \u2014 the company's largest contributor \u2014 remained robust, posting a 28% rise in inflows.<\/p>\n

\n

ABI flourishes on margin gains<\/p>\n

Advanced Building Industries\u2019<\/strong> net income climbed 30.7% y-o-y to SAR 31 mn <\/strong>in 1Q<\/strong>, lifted by stronger steel and insulation margins, offsetting legacy project exits, according to its Tadawul disclosure<\/a>. Revenue fell 11.3% y-o-y to SAR 1.3 bn in 1Q, weighed down by a 63.4% decline in construction segment revenue and a 6.3% drop in AC segment sales.<\/p>\n

ABI sacrificed seasonal revenue to clean house:<\/strong> The drop in 2025 revenue \u2014 which extended to 2026 \u2014 was driven by a strategy to exit inherited projects that suffered from poor execution and high contractual costs, CEO Ahmed Al-Zaatari earlier told CNBC Arabia (watch, runtime 9:38<\/a>).<\/p>\n

\n

Sales momentum and leaner operations propel Dar Alarkan <\/p>\n

Dar Alarkan Real Estate Development kicked off 2026 with a double-digit jump in <\/strong>its bottom line<\/strong>, reporting a net income of SAR 260.2 mn in 1Q, up 24.3% y-o-y, according to its Tadawul disclosure<\/a> and financial statements (pdf)<\/a>. Revenue climbed 24.8% y-o-y to SAR 1.2 bn, supported by a surge in property sales alongside higher returns from Islamic Murabaha deposits and improved cost management.<\/p>\n

The biggest growth engines?<\/strong> Property development remained the group\u2019s dominant segment, generating SAR 1.1 bn in revenue (93% of the total) at a healthy 45% margin. While the leasing segment contributed a smaller 3.5% to the top line, it stood out in efficiency with a hefty 79.7% gross margin.<\/p>\n

And the f<\/strong>unding behind them: <\/strong>Total finance costs jumped 35.5% y-o-y to SAR 276.3 mn, reflecting a greater reliance on debt and sukuk financing to bridge the gap between operational income and its expanding project pipeline.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n","protected":false},"excerpt":{"rendered":"

A one-off gain helped boost Zain\u2019s net income<\/p>\n","protected":false},"author":1,"featured_media":108633,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2607],"tags":[4994,4995,285,2755,10,2806],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-108632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-advanced-building-industries","tag-dar-alarkan","tag-earnings-watch","tag-elm","tag-enterpriseam-ksa","tag-zain","wpautop","entry"],"acf":{"mongo_id":"043e0c16-189e-44e6-b0c1-4a0beb23f0d1","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/2159.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More 1Q earnings","related_issue":[108621],"teaser":"A one-off gain helped boost Zain\u2019s net income"},"yoast_head":"\nZain saw is net income double last quarter - 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