Saudi Telecom Co (STC), the Gulf’s No.1 telecom operator by market value, reported a 4.7 percent rise in first-quarter profit on Monday, beating estimates.
The firm, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of 2.50 billion riyals ($666.65 million) in the three months to March 31, up from 2.39 billion riyals in the prior-year period.
Three analysts polled by Reuters on average forecast STC, which own stakes in operators in the Gulf, Turkey, South Africa and Asia, would make a quarterly profit of 2.32 billion riyals.
STC reported falling profits in the preceding two quarters, stalling a sudden improvement in its bottom line that had been due to triming its international ambitions and refocusing on its lucrative home market.
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