Zain delivers largest profit in Kuwait's history

Telecoms operator Zain generated net profits of KD320m ($1.1bn) in 2007, the largest private sector profit in Kuwait's history.

Zain's net profits still fell short of the $2bn generated by one of its main regional  rivals, the UAE's Etisalat, which announced its results on the same day.

Zain generated $5.9bn of revenues last year, up 32 per cent from $4.5bn in 2006, making it larger than Etisalat by sales. Etisalat revenues in 2007 were $5.8bn.

Zain has a presence in more markets than Etisalat, but they are lower margin businesses than Etisalat's operations in Saudi Arabia and the UAE.

In March Zain is expected to launch a subsidiary in Saudi Arabia, where it will compete directly with Etisalat for the first time.