Telecom operator Zain Saudi reported its first quarterly profit since launching in 2008, beating analysts' forecasts. Zain Saudi, 37-percent owned by Kuwait's Zain, made a net profit of 45 million riyals ($12 million) in the three months to Dec. 31, it said in a statement. This compares with a net loss of 250 million riyals in the prior-year period.

Quarterly revenue reached 1.92 billion riyals, up from the 1.77 billion riyals recorded in the same period a year ago.

Copyright Reuters, 2017