Zain posted revenues of KD 259 million or $860 million (–6 percent), EBITDA of KD 104 million or $346 million (–23 percent) with EBITDA margin of 40 percent and net income of KD 40 million or $133 million (–6 percent) for the third quarter of 2017.

Impact due to foreign currency, mainly 63 percent drop in currency vale in Sudan, cost the company $148 million in revenue and $20 million in net income.

Excluding the currency impact, Zain would have reported 11 percent increase in revenue and 9 percent increase in net income in Q3, 2017.

Zain said its data revenues excluding SMS and VAS rose 3 percent for the first nine months of 2017, representing 25 percent of the total revenues.

Zain Group chairman Mohannad Al-Kharafi said: “The focus on expanding our high-quality networks is proving instrumental as we recorded growth in several key financial metrics across many of our markets.”

Zain has generated revenue of $820 million from Kuwait, $811 million from Iraq, $315 million from Sudan, $1.5 billion from Saudi Arabia, $371 million from Jordan and $148 million from Bahrain in the first nine months of 2017.