Middle Eastern and sub-Saharan operator Zain used its half-year results to reiterate bullish growth forecasts and reveal it has broken through the 50 million subscriber barrier. Currently operating in 22 countries and claiming to be the world’s fourth-largest operator in terms of geographic spread, the company – owned by Kuwait-listed Mobile Telecommunications Company (MTC) – confirmed aspirations to be a top ten global telecom company by 2011. Zain is aiming for net profit growth of 5 percent this year and 30 percent in 2009.

For the first half of 2008, Zain grew consolidated revenues 26 percent year-on-year to US$3.5 billion, giving consolidated EBITDA of US$1.3 billion (an increase of 20 percent). Consolidated net profit grew 7 percent year-on-year to US$551.5 million. However, according to Reuters calculations, the company suffered a 3.6 percent fall in second-quarter net profit, recording quarterly profit of US$281.2 million. The fall led to a 2.5 percent drop in its stock value on Sunday. The stock closed yesterday at 1.54 dinars (US$5.8) a share. Zain is about to launch a US$4.5 billion capital increase to fund its expansion and reduce borrowing costs. Subscription will take place between August 17 and September 18.