Volatile factors were at play across the footprint of Kuwait-based Zain Group, although it pronounced itself “content” with its Q1 2016 performance.

Continued social unrest, increased competition and a new 20 per cent sales tax sent revenue downwards in Iraq. Zain’s performance in the country was also hit by foreign currency losses, as was the case in Sudan. The group complained of intense competition in its home market.

Better news came from Jordan and Saudi Arabia, despite tougher competition than previously. Both markets witnessed positive revenue growth.

The overall effect of these various factors in Q1 was consolidated revenue of KWD 277 million ($920 million), fractionally down from the KWD 279 million in the year-ago period. Net income in Q1 2016 was KWD 37 million, down 9 per cent year-on-year.

Assad Al Banwan, chairman of Zain’s board, put on a brave face: “The board and executive management are content with our stable consolidated revenue and higher Ebitda results given the many challenging socio-economic circumstances we are dealing with in a number of our key markets of operation.” Ebitda was up five per cent to KWD 123 million.

CEO Scott Gegenheimer talked up its strong data monetisation efforts across all markets. It has seen eight per cent growth in the uptake of data services (excluding SMS and value-added services), which now account for 21 per cent of overall service revenue. The rise of data revenue is built on a substantial investment in 3G and 4G.