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Saudi Telecom Q1 Profit Rises 54%

Saudi Telecom Q1 Profit Rises 54%

The firm made a net profit of 2.39 billion riyals ($637.3 million) in the three months to March 3.

Saudi Telecom Co (STC), the Gulf’s No.1 telecom operator by market value, missed analyst estimates despite reporting a 54 per cent jump in first-quarter profit on Monday.

The firm, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of 2.39 billion riyals ($637.3 million) in the three months to March 31, up from 1.55 billion riyals in the prior-year period, it said in a bourse statement.

Analysts polled by Reuters on average forecast STC, which owns stakes in operators in the Gulf, Turkey, South Africa and Asia, would make a quarterly profit of 2.70 billion riyals.

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