STC reports strong growth

22 Oct 2012

Saudi Telecom Company (STC) has posted revenue of SAR15.1 billion (USD4 billion) for the third quarter of 2012, up 8% compared with the corresponding period last year. Net income meanwhile jumped 25% year-on-year to SAR1.95 billion thanks to growth in broadband and business sector services as well as higher revenue from international operations. STC’s bundled packages are helping to win back customers from rival operators Mobily and Zain. The company also revealed that its total domestic mobile subscriber base grew 14% since the third quarter of 2011, and 2% since the second quarter of 2012. Wireless broadband revenues grew by an impressive 68% year-on-year thanks partly to increased 3G and 4G coverage. Meanwhile, STC’s fibre-optic broadband subscribers soared 722% since Q3 2011 following the continued expansion of its fibre infrastructure, while its overall fixed broadband subscriber base grew 18% year-on-year.

Saudi Arabia, Saudi Telecom Company (stc)