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FINANCIAL NEWS
Saudi Telecom, IT firms revenues hit USD5.15b in Q2
11 Aug 2014
(MENAFN) The listed Saudi telecom and IT firms total revenue has hit USD5.15 billion in the April-June period, while their cost revenue reached USD2.24 billion, bringing their net profit margin to USD2.90 billion, Arab News reported.
On the other hand, the telecom and IT sector operating profits have reached USD1.07 billion during the same period, increasing 21 percent.
The net profit of the sector has hit USD1.02 billion, or 20 percent of the second quarter revenues, while half year profits rose 44 percent to USD1.93 billion compared to USD1.33 billion posted a year ago.
The operating income of the telecom and IT firms accounted for 44 percent of the total revenue in the April-June period of this year.
Between the companies, STC ranked the highest in operating income, totaling 25 percent of revenues, while Zain and GO registered a decrease of income of 9 percent and 113 percent, respectively.
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