STC Group's profits up 6.7% in Q2

Saudi incumbent beats analysts' expectations in second quarter
Operators, Results, Saudi Arabia, STC Group

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STC, Saudi Arabia’s incumbent operator, posted a 6.7% rise in profits for Q2, beating analysts’ estimates, according to Reuters.

The telco attributed the profit growth to an increase in its domestic broadband, business services and wholesales services sales, as well as higher revenue from international operations, the report stated.

STC posted a net profit of SR2.41bn ($642.7m) in the three months to June 30, up from SR2.26 billion in the year-earlier period, the telco said in statement posted on the Saudi stock exchange website.

According to eight analysts polled by Reuters, STC was expected to make a quarterly profit of SR2.27 billion.

STC’s operating income rose 13.5% to SR3.16 billion and its revenue from services rose 4.9% to SR14.56 billion, according to the report.

STC competes with Mobily, Zain Saudi Arabia and a number of ISPs in Saudi Arabia.

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