STC first-quarter net profit up 4.7%

Profit grew slower than revenue as operating expenses rose by 17.5%
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Getty images.

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Saudi Telecom Company (STC) published a net profit for the first quarter reached SR 2,504m ($667 million), showing an increase of 4.7% compared to the corresponding period last year, and an increase of 2.5% compared to the immediate prior quarter.

Profit grew slower than revenue as operating expenses rose by 17.5%, or 619 million riyals, as the company upped its marketing budget, general costs grew and amortisation and depreciation costs also rose.

Abdulaziz Alsugair, STC Group chairman stated: “The strong financial results achieved for the 1st quarter of 2015 reflects the efforts being made to constantly evolve, improve and develop the company’s strategy and operations both domestically and internationally. Revenues from services increased 15.7% compared to the comparable period last year and net profit increased 4.7% compared to the comparable period last year. We will continue focusing on customer satisfaction as part of STC strategy, by deploying cutting-edge technological resources, and investing in technology & innovative solutions across fixed, mobile and data products. The aim is to provide a robust quality infrastructure that support solutions and services exceeding the current customer needs. Such efforts place STC at the forefront of the regional Telecoms, who are laying the infrastructure for the knowledge economy.”

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