Zain Iraq Profit Skyrockets

Zain Iraq's Q1 2023 revenue increased by 15% to reach US$223 million and EBITDA recorded was US$76 million, reflecting an EBITDA margin of 34%, according to the company's results statement for the period. The operation reported eight-fold increase in net profit of US$30 million for Q1 2023 mainly driven by the gain on sale of towers, noting this Tower sale represents an intergroup transaction that was eliminated upon Zain Group consolidation.

The customer base increased 4% to 18.2 million, reflecting a market leading position. During the first quarter, Zain Iraq finalizes the sale and leaseback as well as the management rights of 4,968 towers to TASC Towers Iraq (a subsidiary of Zain Group) for US$180 million. The second phase to sell these towers to TASC Towers Holding will be concluded during second half of 2023.