Saudi listed telecom firms post USD532.89m profit in Q1

27 Apr 2015

(MENAFN) Saudi Arabia’s listed telecommunication companies posted USD532.89 million profit in the first quarter of the year, marking a gigantic 44 percent slump, Arab News reported.

According to corporate fiscal reports, the listed companies registered USD959.2 billion profit in the corresponding period of 2014. Meanwhile, this year’s quarterly result is considered among the worst in the market’s history.

Particularly, the Saudi Telecom Company (STC) profits’ increased by 5 percent, reaching USD666.11 million in the first quarter. On the other hand, Etihad Etisalat (Mobily) recorded USD53.02 million losses in the first quarter.

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