The drop was caused by a provision against a scrapped network sharing deal with Atheeb Telecom.
The Indian firm will have 51 per cent ownership in the joint venture called Tech Mahindra Arabia while Saudi-based Midad will have a 49 per cent stake.
Net profit in the three months to June 30 was SAR191.2 million ($51.0 million), compared to SAR165.2 million in the same period a year earlier.
The company made SAR3.66 billion during the three months to June 30, compared to SAR1.50 billion during the same period of the previous year.
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.
The firm, owned by billionaire Prince Alwaleed bin Talal, attributed the rise to an increase in gains on investments and dividends income.
Mohamed al-Mady said the global outlook for petrochemical demand over the next three years is positive.
Arabtec tumbled its daily 10 per cent limit, dragging down the entire Dubai stock market to close six per cent lower.
Net profit fell to SAR7.91 million ($2.1 million) in the three months to June 30 from SAR25.38 million a year earlier, the company said in a statement.
The company earned SAR6.46 billion ($1.72 billion) in the quarter, compared to SAR6.04 billion in the year-earlier period.
Net profit in the three months to June 30 was SAR121.3 million ($32.3 million) compared to 103.7 million in the same period a year earlier.
A senior official was quoted as saying in the local media that the imams were under investigation “for allegedly failing to highlight the incident in their sermons”.
The firm made SAR364 million ($97.1 million) in the three months to June 30, according to a bourse filing.
The company made a net loss of SAR329 million ($87.7 million) in the three months to June 30, according to a bourse filing.
The company made a net profit in the three months to June 30 of SAR513.3 million ($136.9 million), compared with SAR387.8 million in the same period a year earlier.
Saudi officials have not made public the total number of extra troops they have sent to the frontier, so far declining to comment on the accuracy of media reports which put the number at 30,000.
Cash divident is lower than the SAR1.70 per share which the firm paid for the corresponding period of 2013.
The miner made a net SAR370.8 million ($98.9 million) in the three months to June 30, compared with 40.98 million in the year-earlier period.
The bank has proposed paying SAR1 ($0.27) per share for the six-month period to June 30.
The firm made a net profit of SAR288 million ($76.8 million) in the second quarter, compared with SAR307 million in the corresponding period of 2013.
The firm made a net profit of SAR613 million ($163.5 million) in the second quarter compared with SAR670.5 million in the same period of 2013.
The company said it made SAR639 million ($170.4 million) in the second quarter, compared to SAR693 million in the same period a year ago.
NCB said the growth was driven by an 8.3 per cent year-on-year increase in net special commissions income.
The stake was acquired from a group of investors including private equity firm Jadwa Investment.
The bank made SAR1.26 billion ($336 million) in the three months ending June 30, compared with SAR1.18 billion in the same period a year earlier.
Sipchem made a profit of SAR244.6 million ($65.3 million) in the three months to June 30, up from SAR174.0 million in the prior-year period.
The bank said it made SAR1.95 billion ($520 million) in the three months ending June 30, compared with SAR2.12 billion in the same period a year earlier.
The proposed figure is above the SAR0.3 per share which the bank paid for the corresponding period of 2013.
The Kingdom typically increases production during the hot summer months to meet a surge in electricity demand.
The UK’s Serious Fraud Office reportedly questioned and arrested four former and current employees at Airbus unit GPT Special Project Management.