Victim of socio-economic challenges and unavoidable currency issues!
Zain Group’s Q1 2017 revenues were crushed by 10.8% to KWD247m, on the back of the decrease affecting its two main revenue contributors, Kuwait and Iraq, in addition to the significant currency devaluation in Sudan. Indeed, Zain Kuwait’s revenues decreased by 5.1% mainly due to the aggressive price competition in the country. Zain Iraq’s revenues also went down by 5.2% to KWD77m, severely hampered by worsening economic conditions and currency exchange rate, in addition to an aggressive price war in January 2017, and accelerated OTT impact.
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