The largest Arab telecom company has had its smallest quarterly profit in more than two years.
Saudi Telecom Co. (STC), the largest Arab telecom company by market value, made its smallest quarterly profit in more than two years as revenues fell.
STC's net profit fell 20.5% to 2.72 billion riyals ($725.6 million) in the three months to March 31, compared with 3.42 billion riyals a year earlier, it said in a statement on the Saudi bourse website.
This is STC's lowest quarterly profit since December 2004 and represents its sharpest decline in profit in at least four years.
The decline in earnings was steeper than the average 11.7% decline in profit forecast by four analysts.