Gulf-based operators had mixed results in 1H 2021, but digital and ICT service revenue grew strongly
"Gulf-based operators should consider accelerating their investments in non-core ventures to help them to offset the decline in their connectivity revenue."
The June 2021 results showed signs of market recovery for all Gulf-based operator groups apart from Omantel and Zain. stc achieved the highest year-on-year revenue growth in the region, largely driven by its strong performance in the enterprise sector.
In this article, we analyse the financial performance of five Gulf-based operator groups in 1H 2021. We pay particular attention to stc and Zain and explain how they managed to increase the revenue contribution of their digital and ICT services.