STC third quarter net profit down 20%

20 Oct 2009

Saudi Telecom Company (STC) has reported that net profit for the three months ended 30 September 2009 fell to SAR2.4 billion (USD640 million), down from SAR3.01 billion in the same period a year earlier. Net profit for the nine months ended 30 September declined 20% year-on-year, to SAR7.88 billion. The company attributed the downturn to high capital expenditure in the group’s foreign markets, particularly its units in Turkey, India, Kuwait and Indonesia. Meanwhile, operating revenues for the nine month period came to SAR37.75 billion, up 7% year-on-year. Company CEO Saud al-Duweish said in a statement that investments abroad aimed to expand the affiliates’ market share and earnings, and that STC had maintained its leading position at home, with over 20 million active mobile subscriptions in a country of about 25 million people.

Saudi Arabia, Saudi Telecom Company (stc)