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FINANCIAL NEWS
Saudi Telecom posts 26% drop in Q1 profit
20 Apr 2010
(MENAFN) A statement issued by Saudi Telecom Co (STC) said the company saw a 29 percent drop in first-quarter net profit, a sharper decline than expected, Reuters reported.
STC made $472.5 million net profit in the first quarter, down from $663 million in the year-earlier period. The company said that it may distribute $0.2 per share in dividend.
Its quarterly operating profit dropped 39 percent to $626 million year-on-year. STC blamed the decline on a fall in international call prices, a rise in fees related to using external networks and an increase in expenses due to capital investments throughout the group, including setting up new networks and expanding existing ones.
The firm also said that the shrinking of the group’s ownership in Malaysia’s Maxis due to listing 30 percent on the Malaysian stock exchange has also contributed to the profit decline.
More News
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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