Kuwait’s Zain Group has reported an 8% rise in customer numbers during 2011, ending the year with 40.2 million subscribers across its seven markets in the Middle East. The firm posted a slight rise in profit for the year to USD1.03 billion, from USD1.02 billion last year, while consolidated net revenues were up 2% at USD4.79 billion, excluding the one-off gain in 2010 from the sale of the group’s assets in Africa. Asaad Al-Banwan, Chairman of the Board of Directors of Zain, noted that ‘profitability levels were severely affected because of the continuing volatility of the currency exchange rates in some of its main markets, which cost the Group USD124 million in 2011’.
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