Gulf kingdom's No 2 telecom operator reports 73% rise in third-quarter net profit
Saudi Telecom Co (STC), the Gulf's No.2 telecom operator, reported a 73 percent rise in third-quarter profit on Tuesday, well above estimates, as the company cut costs.
The increase could help reassure investors after the former monopoly, which remains majority government-owned more than a decade since listing, announced surprise profit declines in the preceding three quarters due to writedowns on some of its foreign investments.
The firm made a net profit of SR3.39bn ($904million) in the three months to September 30, up from SR1.95bn in the prior-year period, according to a statement to the Saudi bourse.
Analysts polled by Reuters had on average forecast that STC - the second largest Gulf telecom operator by market value, with operations in the Gulf, Turkey, South Africa and Asia - would make a quarterly profit of SR2.12bn.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.