STC Group's profit surges in Q4

Change in accounting method leads to 822% profit rise for STC
STC Group


Saudi Arabia’s STC Group posted a net profit of SR 3.2 billion ($853m) for the fourth quarter of 2013. This marked an increase of 822% compared to the same period in 2012.

The telco attributed the result to a SR 2.2 billion decrease in losses from its investment in India’s Aircel. STC decreased its losses from Aircel by changing the way it accounted for the investment.

“This has resulted in STC group reversing its share of losses from Aircel Group for the period from 1 April 2013 to 30 September 2013 amounting to SR 795m,” STC said in a statement.

STC Group’s net profit for the full year 2013 increased by 37% year-on-year to reach SR 2.7 billion. The company said that its operating profit for the year rose by 13% to SR 1.3 billion as a result to the SR 857 million increase in revenue from services compared to the previous year, and a 7% decline in cost of services.

Services revenue for 2013 reached SR 45.6 billion, an increase of 2% compared to the previous year.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story