4Q profit falls at STC

24 Jan 2007

Saudi Telecom Company (STC) has reported a 14.8% decline in fourth-quarter net profit to SAR2.79 billion (USD744 million). This is the second consecutive quarterly fall in profits at what is the Middle East’s largest telco by market value, Reuters reports. Revenues for the whole of 2006 reached SAR33.8 billion, an increase of 3.8% on the 2005 figure, while operating profit for the year was SAR12.65 billion. Full-year profit rose 2.8% to SAR12.8 billion.

Saudi Arabia, Saudi Telecom Company (stc)