Kuwait Corporate Fact Sheet

Zain Fact Sheet
Services Sector
KAMCO Research
Reuters Code: Zain.KW Current Price (KD) :
June 22, 2008
1.640
Key Facts
KD '000 2003 2004 2005 2006 2007
Cash & Cash Equivalent 98,287 151,472 292,879 474,322 261,263
Trade & Other Receivables 40,076 48,855 80,021 184,485 246,276
Inventories 3,153 1,568 7,025 14,791 22,047
Short-Term Investments 31,677 11,818 14,566 18,455 23,002
Investment in Associates 0 5,362 236,383 8,026 430,515
Long-Term Investments 109,857 130,292 147,111 134,842 179,468
Property & Equipment 216,935 219,580 499,853 1,131,189 1,495,602
Intangible Assets 87,187 80,734 756,838 1,477,557 1,637,255
Other Assets 0 0 21,631 47,266 71,574
Total Assets 587,172 649,681 2,056,307 3,490,933 4,367,002
Trade & Other Payables 114,681 132,028 240,915 427,396 554,754
Short-Term Loans 28,052 26,525 248,417 460,721 453,747
Long-Term Loans 96,553 85,804 190,342 921,117 1,531,512
Due to Minority Interest Holders 0 0 131,154 155,262 18,509
Other Liabilities 8,668 13,952 26,895 26,003 60,174
Total Liabilities 247,954 258,309 837,723 1,990,499 2,618,696
Minority Interest 2,927 2,006 32,844 146,002 166,379
Equity 336,291 389,366 1,185,740 1,354,432 1,581,927
Operating Revenues 262,606 322,327 579,496 1,297,415 1,677,270
Cost of Revenues 42,561 47,521 90,741 274,729 361,751
Gross Profit 220,045 274,806 488,755 1,022,686 1,315,519
Operating Expenses 117,744 151,349 289,539 623,300 863,877
Operating Profit 102,301 123,457 199,216 399,386 451,642
Investment Income 12,288 9,959 46,230 13,635 18,402
Other Income 4,346 6,548 20,318 12,307 23,319
Interest Expense 5,642 5,309 50,224 88,084 123,586
Other Expenses 11,081 14,414 33,628 42,263 49,322
Net Profit
Key Ratios
102,212 120,241 181,912 294,981 320,455
2003 2004 2005 2006 2007
Return On Assets 17.4% 18.5% 8.8% 8.4% 7.3%
Return On Equity 30.4% 30.9% 15.3% 21.8% 20.3%
Gross Profit Margin 83.8% 85.3% 84.3% 78.8% 78.4%
Operating Profit Margin 39.0% 38.3% 34.4% 30.8% 26.9%
Net Profit Margin 38.9% 37.3% 31.4% 22.7% 19.1%
Debt / Equity 37.1% 28.8% 37.0% 102.0% 125.5%
Historical Share Data YTD
2004 2005 2006 2007 22-Jun-08
Market Capitalization (KD thousand) 1,761,078 3,862,264 4,189,241 7,235,004 6,989,519
Closing Share Price (KD) 3.400 3.520 3.320 3.820 1.640
Highest Price For the Period (KD) 4.520 6.000 3.540 4.980 4.400
Lowest Price For the Period (KD) 3.040 3.340 2.480 3.000 1.600
Volume (Shares thousand) 89,251 155,196 194,228 1,475,981 507,343
Value (KD thousand) 305,716 682,299 605,038 5,459,183 1,172,657
No. of Trades 14,168 20,407 23,940 97,152 39,423
EPS (KD) 0.148 0.182 0.159 0.172 0.172
Book Value Per Share (KD) 0.767 2.289 1.094 0.851 0.851
Dividend Per Share (KD) 0.160 0.085 0.100 0.090 NA
Price to Earnings Multiple (X) 11.10 9.01 10.33 9.51 9.51
Price to Book Value Multiple (X) 2.14 0.72 1.50 1.93 1.93
Dividend Yield (%) 9.76 5.18 6.10 5.49 5.49
KD
5.000
4.500
4.000
3.500
3.000
2.500
2.000
1.500
52-Week Price Chart Rel. to KAMCO TRW Index
ZAIN KAMCO TRW Index
24.6.07
8.7.07
22.7.07
5.8.07
19.8.07
2.9.07
16.9.07
30.9.07
14.10.07
28.10.07
11.11.07
25.11.07
9.12.07
23.12.07
6.1.08
20.1.08
3.2.08
17.2.08
2.3.08
16.3.08
30.3.08
13.4.08
27.4.08
11.5.08
25.5.08
8.6.08
22.6.08
Index
4,800
4,700
4,600
4,500
4,400
4,300
4,200
4,100
4,000
NA: Not Applicable, NM: Not Meaningful
YTD: Beginning of year to date
#
:Historical P/E, P/B & Yield are based on
current price & historical earning per share,
book value per share & dividend per share
Investment Research Department
KIPCO Asset Management Co.K.S.C.C
KAMCO
P.O.Box: 28873 Safat 13149 Kuwait
Email : kamco_research@kamconline.com