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FINANCIAL NEWS
Profit of Saudi STC up 73 percent in Q3
31 Oct 2013
(MENAFN) Profit of Saudi Telecom (STC), the Gulf’s number two telecoms operator by market value, exceeded expectations with the 73 percent increase in the three months to the end of September, according to Saudi Gazette.
The company made USD904 million net profit in the third quarter compared to USD519 million in the same period last year.
The company’s improvement in efficiencies was the reason behind the increase which reduced costs by about USD241.82 million from the same period in 2012.
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