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FINANCIAL NEWS
Saudi STC posts 13% increase in Q4 revenues
19 Jan 2012
(MENAFN) Saudi Telecom Group (STC) said that in 2011’s fourth quarter, revenues jumped 13 percent to USD4.06 billion, compared with USD3.58 billion in 2010’s same period, reported Arab News.
The firm added that total revenues for the 2011 fiscal year rose 9 percent from USD13.80 billion recorded a year earlier, to USD14.98 billion, ending another successful year for the Saudi company.
It also said that in the fourth quarter, net profit fell 0.3 percent from 2010’s same period of USD610 million, to USD607 million, whereas it surged 46 percent from the previous quarter.
Moreover, due to losses from foreign currency exchange fluctuation that reached nearly USD295 million, net profit for the full year dropped 19 precut to USD2.04 billion, from USD2.51 billion a year earlier.
It is worth noting that operating profit for the full fiscal year of 2011, rose 3 percent, to USD3 billion, up from USD2.92 billion in 2010.
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