Riyadh – Mubasher: Saudi Telecom Company’s (STC) results came lower than the estimates of SAR 2.3 billion, despite the 3% increase in its total earning, Riyadh Capital reported.
The research company gave a 'Buy' recommendation for the stock at target price (TP) of SAR 73 compared to SAR 61.46 at the closing of 31 July.
Riyadh Capital stated that STC has followed its dividend distribution policy, which has positive impact on investors.
The Saudi-listed company’s net profits retreated 27% year-on-year to SAR 1.865 billion in the second quarter of 2016 from SAR 2.558 billion.
