STC, Saudi Arabia’s incumbent telecom operator, posted a net profit of SR 1.954 billion for the third quarter of the year, a rise of 25% compared to the same period in 2011.
On a sequential basis, STC’s Q3 net profit declined by 19%. The telco’s Q2 net profit was SR 2.408 billion.
Gross profit for the third quarter amounted to SR 8.602 billion compared to SR 8.073 billion for the corresponding quarter last year, an increase of 7%.
STC’s operating income in Q3 was SR 3.017 billion, compared to SR 3 billion for the corresponding quarter last year, an increase of 0.5%.
STC's results were buoyed by its domestic market, according to Dr. Khaled A. Alghoneim, Group CEO, STC. "Total domestic mobile customer (postpaid & prepaid) Increased 14% compared to Q3 2011 and 2% compared to Q2 2012," he said.
He added: “The sustained strong financial results achieved during the third quarter reflects the efforts being made to constantly evolve, improve and develop the company’s strategy both at the group and subsidiary levels. We maintain an acute focus on reinforcing our presence in our home market while at the same time capitalising on opportunities for expansion both regionally and internationally.”