STC profits up 24%

21 Jul 2008

Saudi Telecom Company (STC), which is the dominant fixed line and cellular operator in the Kingdom of Saudi Arabia, has reported a second quarter net profit of SAR3.84 billion (USD1.02 billion), up 24% year-on-year. Operating profit grew 21% to SAR3.91 billion. The firm says the growth can be attributed to domestic mobile and broadband services plus higher income from its international operations; earlier this year STC acquired a 35% stake in Oger Telecom, which has cellular operations in markets including Turkey, South Africa and Romania.

Saudi Arabia, Saudi Telecom Company (stc)