Zain Group's Nine-Month Net Profit Jumps 59% to $990 Million on Investment Gains

Zain Group's net profit for the first nine months of 2026 rose 59% year on year to $990 million (KWD 304 million), carried by a $501 million gain on strategic investments held through Zain Ventures. The Kuwait-based operator announced the figures in a statement on Tuesday.

Revenue for the period climbed 4% to $5.7 billion (KWD 1.8 billion), the group's highest nine-month figure in 17 years. EBITDA grew at the same pace to $1.9 billion (KWD 587 million), a 34% margin. Earnings per share came to 70 fils ($0.23).

The investment gain was larger than the $411 million booked at the halfway point of the year. Vice-chairman and group CEO Bader Al-Kharafi traced it to Zain Ventures' stakes in high-growth companies, naming SpaceX, Cohere, Groq and Revolut. He said the group's transformation into an "innovative technology driven and investment focused TechCo" is delivering revenue growth and shareholder value.

innovative technology driven and investment focused TechCo

The third quarter on its own was quieter. Net profit rose 30% to $273 million (KWD 84 million). Revenue grew 2% to $2 billion (KWD 615 million), and EBITDA edged up 1% to $681 million (KWD 209 million), again at a 34% margin.

Among the operating companies, Zain KSA lifted nine-month net profit 45% to $144 million. Zain Iraq reached $108 million in nine-month net profit and grew third-quarter revenue 8% to $368 million; Al-Kharafi said the unit posted its highest quarterly revenue and customer numbers in more than a decade. Kuwait, the home market, contributed $178 million (KWD 55 million) in nine-month net profit.

Currencies cut into the numbers. A 15% devaluation of the Sudanese pound during the quarter hit Sudan's results, and Iraq's currency was devalued by 13% in October. Zain said it is taking steps to limit the impact of both.

Data revenue rose 11% to $2.3 billion and supplied 39% of group revenue. ZainTECH, the digital and technology solutions arm, grew revenue 17%. Zain Omantel International, the international wholesale telecom unit, recorded 46% growth. Capital expenditure reached $501 million, or 9% of revenue, and the customer base rose 3% to 53 million across eight markets in the Middle East and Africa.

Zain paid an interim cash dividend of 17 fils per share for the first half on October 6, a total of $239 million (KWD 73.6 million). On October 22 it completed the first closing of a 50/50 tower platform with Qatar's Ooredoo, combining 4,000 towers in Kuwait and Qatar.

The group said it will keep making strategic investments and intends to sell some holdings over time to strengthen cash flows. Zain is listed on Boursa Kuwait and placed 64th on a 2026 ranking of the region's 100 most valuable companies; Al-Kharafi was ranked 36th on a 2026 list of top 100 CEOs.

For now the venture book is doing as much work as the networks. The $501 million gain accounts for roughly half of nine-month profit, which is a different earnings profile from a operator that leans on subscriptions alone. Selling down part of that portfolio would give Zain another source of cash at a time when its commitments are not shrinking: $239 million went out in interim dividends, $501 million went into capital projects, and devaluations in Sudan and Iraq are trimming what local earnings are worth in dollars.