Saudi Telecom Company (STC) has published its financial results for the three months ended 31 March 2015, reporting a 2.54% increase in net profit to SAR2.504 billion (USD667.7 million) from SAR2.391 billion reported in Q1 2014. The company attributed the positive result mainly to a 21.5% year-on-year increase in gross profit to SAR1.333 billion. In the period under review, STC reported revenues of SAR12.473 million, a 15.7% increase y-o-y on the SAR10.783 billion booked in 1Q14. EBITDA also grew in the three months to end-March 2014, to SAR5.160 billion, up 20.3% from SAR4.290 billion.
STC chairman and managing director Abdulaziz Al-Sugair commented: ‘The strong financial results achieved for the first quarter of 2015 reflects the efforts being made to constantly evolve, improve and develop the company strategy and operations both domestically and internationally. Revenues from services increased 15.7% compared to the comparable period last year and net profit increased 4.7% compared to the comparable period last year. We will continue focusing on customer satisfaction as part of STC strategy, by deploying cutting-edge technological resources, and investing in technology and innovative solutions across fixed, mobile and data products. The aim is to provide a robust quality infrastructure that support solutions and services exceeding the current customer needs.’