STC revenue up 4% to SAR22.9bn in 2Q13

22 Jul 2013

Saudi Telecom Company (STC) has published its consolidated financial results for the three months ended 30 June 2013 on the Saudi Stock Exchange’s (Tadawul’s) website, reporting a 40.66% drop in net profit to SAR1.43 billion (USD381.03 million) down from SAR2.41 billion in 2Q12. The slump was chiefly attributed to the booking of a non-cash charge of SAR604 million from reclassifying the group’s investment in Axis Indonesia, as well as unrealised foreign exchange currency losses due to the sharp depreciation of the Turkish lira, the Indian rupee and the Indonesian rupiah. The company also reported that the negative results could be partly explained by the disposal of fixed assets with a net value of SAR277 million during the first quarter of 2013. Revenue for the quarter ended 30 June 2013, however, increased 4% to SAR22.91 billion, up from SAR22.08 billion one year earlier due to a 5% surge in revenues from domestic operations during 1H13, in addition to annualised growth of 22% in its subsidiaries’ turnover.

Saudi Arabia, Saudi Telecom Company (stc)