FINANCIAL NEWS

Saudi Telecom posts USD666.65m net profit in Q1

20 Apr 2015

(MENAFN) Saudi Telecom Co (STC) recorded USD666.65 million net profit in the first quarter 2015, marking 4.7 percent increase when compared to the corresponding period a year ago, Reuters reported.

STC’s first quarter results have surpassed analysts’ forecasts, which was done by three analysts who predicted that the firm will post a profit of USD619.37 million in the first quarter of the year.

It is said that STC is presently in a tough competition with its domestic rival Mobily. The company posted USD638.06 million profit in the first quarter of 2014.

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