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FINANCIAL NEWS
Saudi STC to spend USD1b on network enhancement
02 Sep 2015
(MENAFN) Saudi Telecom Co. (STC) expects to spend around USD1 billion in the second half of this year to enhance its network and to meet surging demand for we-based services.
The planned USD1.03 billion additional expenditure repeats STC’s capital spending in the first half of the current year, marking this year’s spending the highest in four years.
In 2012, STC’s annual profits dropped to a 10-year low before hitting a six-year peak in 2014. First-half net profits this year were down 2.5 percent at USD1.34 billion from a year earlier as costs rose.
“STC is continuing to invest in both mobile and fixed (networks) and modernizing our IT systems, we want to ensure our network is second to none,” STC Chief Executive said in a statement.
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