With operations across Middle East and Africa, Zain reported a 26% rise in revenues to 7.44 billion U.S. dollars (despite currency fluctuations) and a 6% increase in net profit to 1.2 billion U.S. dollars for 2008, even after spending 3 billion on network upgrades and expansion in Ghana, Iraq, Nigeria, Saudi Arabia, Sudan and other markets.
Zain's CEO said: “Overall, due to our massive network investment across all operations, we expect and are targeting a 30% increase on many of our financial indicators in 2009.” Zain views the economic crisis as an opportunity to make further acquisitions. source: Zain statement
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