Riyadh - Mubasher: Saudi Telecom Company's (STC) profits decreased by 7.8% year-on-year to SAR 8.5 billion in 2016 from SAR 9.25 billion.
The decrease in profits came due to a SAR 2.75 billion increase in the cost of services, and a SAR 386 million rise in operating expenses, as well as a decrease of SAR 981 million in other income and expenses in 2016.
A decrease of SAR 179 million in losses from investments accounted for under equity method during the year, SAR 35 million in cost of finance, and an increase of SAR 318 million in commissions also contributed to the decline.
Lower profits were also due to higher provision for Zakat and tax by SAR 54 million, according to a bourse filing on Monday.
