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Saudi Telecom Reports 96% Rise In Q2 Profit, Beating Forecasts

Saudi Telecom Reports 96% Rise In Q2 Profit, Beating Forecasts

STC changed the valuation of last year’s sale of a majority stake in Indonesia’s Axis from a SAR598 million loss to a SAR41 million gain.

Saudi Telecom Co (STC), the Gulf’s biggest telecommunications operator by market value, reported a 96 per cent surge in second-quarter profit on Monday, beating analysts’ estimates because of a change in the valuation of an Asian divestment.

The firm, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SAR2.80 billion ($747 million) in the three months to June 30, up from SAR1.43 billion in the prior-year period.

Analysts polled by Reuters had on average forecast STC, which own stakes in operators in the Gulf, Turkey, South Africa and Asia, would make a quarterly profit of SAR2.65 billion.

The group changed the valuation of last year’s sale of a majority stake in Indonesia’s Axis from a SAR598 million loss to a SAR41 million gain, resulting in the second-quarter net profit rise, it said.

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