Saudi Telecom Q1 Net Profit Rises 4.7%

Saudi Telecom Co (STC), the Gulf’s No.1 telecom operator by market value, reported a 4.7 per cent rise in first-quarter profit on Monday, beating estimates.

The firm, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SAR2.50 billion ($666.65 million) in the three months to March 31, up from SAR2.39 billion in the prior-year period.

Three analysts polled by Reuters on average forecast STC, which own stakes in operators in the Gulf, Turkey, South Africa and Asia, would make a quarterly profit of SAR2.32 billion.

STC reported falling profits in the preceding two quarters, stalling a sudden improvement in its bottom line that had been due to triming its international ambitions and refocusing on its lucrative home market.