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FINANCIAL NEWS
STC Q2 net profit up 9% to USD601.6m
19 Jul 2011
(MENAFN) Saudi Telecom Co.’s (STC) Chief Executive Officer, Saud Al Daweesh, stated that the company’s net profit in this year’s second quarter rose 9 percent to USD601.6 million up from USD549 million year on year, reported Arab News.
Al Daweesh also said that the Saudi telecom firm saw its revenue climbing 10 percent and reaching USD 3.7 billion up from last year’s Q2 revenue of USD3.35 billion.
The CEO added that STC recorded USD1.35 billion earnings before interest, Zakat, taxes and depreciation and amortization (EBTIDA), up from USD1.2 billion in the previous year’s 2nd quarter. He pointed out that operating income in the same quarter increased 19 percent to USD741 million.
It is worth noting that is a Saudi Arabia-based telecommunications company that offers landline, mobile and Internet services to over 142 million subscribers in 10 markets. It is the largest telecommunications company by market capitalization, total revenue and number of employees in the Arab State region.
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