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FINANCIAL NEWS
Saudi STC net profit hits USD898m in Q3
28 Oct 2014
(MENAFN) Saudi Telecom Co. (STC), the Gulf’s No.1 telecoms operator by market value, reported it has registered USD898 million in net profits during the July-September period, a decline compared with USD903.29 million last year, Arab news reported.
The company, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, said that the decline in its net profit came as the result of it having to pay USD40.23 million more in tax compared to the same period in 2013.
STC, which owns stakes in operators in the Gulf, Turkey, South Africa and Asia, though reported an increase in its wireless broadband revenue, which rose by 22 percent during the third quarter of this year.
During the January-September period of this year, STC reported a net profit of USD2.28 billion, an increase compared with USD1.69 billion the previous year, while nine-month revenue for its international subsidiaries rose 18 percent, mainly from its Bahrain and Kuwait businesses.
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