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Saudi STC posts 60% surge in Q1 profit

19 Apr 2012

(MENAFN) Saudi Telecom Co. (STC) said that net profit during the first quarter soared 60 percent to USD671 million compared with USD418 million in 2011’s same period, reported Arab News.

The company added that consolidated revenues in the January-March period grew 12 percent to USD3.91 billion, from USD3.48 billion a year earlier.

It also said that operating profit jumped 19 percent, reaching USD847 million compared to the USD711 million recorded in last year’s same period.

Moreover, earnings before interest, Zakat and taxes, depreciation and amortization (EBITDA) jumped 12 percent to USD1.43 billion, from USD1.28 billion.

It is worth noting that in the quarter, domestic KSA revenues from mobile broadband services hiked 145 percent compared to 2011’s same quarter.

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