STC reports 20% profit growth in Q1

18 Apr 2005

The acting president of Saudi Telecom Company (STC), Abdullah ibn Omar Bajabae, says his company posted profits of USD803 million in the three months to 31 March 2005, up 20% on the same period of 2004. Operating revenues rose by 8% to USD2.11 billion, despite a recent cut in call charges implemented in anticipation of stiff competition from Ettihad Etisalat (Mobily), a new player in the country’s mobile market, which is expected to launch in June.

Saudi Arabia, Saudi Telecom Company (stc)