Riyadh - Mubasher: Saudi Telecom Company (STC) posted a 7.94% decline in net profits to SAR 2.15 billion ($572.8 million) in the third quarter of 2016, from SAR 2.32 billion ($619.2 million) in the same quarter last year.
However, profits increased by 15.17% quarter-on-quarter, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.
The decrease in profits is due to a SAR 1.16 billion increase in cost of services, and a SAR 120 million rise in operating expenses, as well as the booking of SAR 42 million for other income and expenses, during Q3-16.
As for the financial results for the nine-month period that ended 30 September 2016, net profits went down to SAR 6.49 billion compared to SAR 7.38 billion in the same period in 2015.
