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.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.
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