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FINANCIAL NEWS
Saudi STC logs 31 percent net profit drop in Q3
21 Oct 2015
(MENAFN) Saudi Telecom Co. (STC) reported a 31 percent drop in its third-quarter net profit, missing analysts’ estimations.
The company made a net profit of USD618.7 million in the three months to Sept. 30, down from USD898.08 million a year before.
Analysts polled by Reuters had previously forecast STC would make USD815.47 million on average.
The company competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, and own stakes in operators in the Gulf, Turkey, South Africa and Asia.
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