Riyadh – Mubasher: The Saudi Telecom Company (STC) on Thursday said its net profits levelled up 18.22% in the third quarter of 2017, compared to the year-ago period.
Net profits amounted to SAR 2.62 billion in Q3-17, compared to SAR 2.2 billion in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits rose 10.27%.
The Kingdom-based telecommunication provider attributed the growth in its year-on-year net profits to the decrease in revenues cost by SAR 1.72 billion.
“The financial results for Q3-17 were good due to the distinct growth in Enterprise and wholesales sectors revenue despite the decline in consumer revenue during the period,” the CEO Khaled Biyari said.
“These good results were achieved despite the various economic and regulatory conditions in the domestic market,” Biyari added.
At the level of the first nine months of 2017, the firm’s net profits increased 10.4%, reaching SAR 7.5 billion, compared to SAR 6.8 billion in the corresponding period in the year earlier.
STC’s stock declined 4.13%, closing at SAR 65.20 on Thursday.
