Saudi Telecom Company (STC) has reported a 3.5-percent increase in its net profit for the first nine months of 2021, compared to the same period last year, reaching SR8.7 billion ($2.32 billion).
The company said that its net profit in the third quarter of 2021 alone increased by 5.71 percent, reaching SR2.9 billion.
The company attributed the rise in profits in the third quarter to the rise in revenues and a decrease in operating expenses.
STC is Saudi Arabia’s largest telecoms operator and also owns subsidiaries and has stakes in companies operating in Kuwait, Bahrain, the United Arab Emirates and Turkey.
STC’s shares are up nearly 20 percent so far this year, closing at 127 riyals ($33.86) on Thursday, according to Refinitiv data.
STC net profit $2.32 bn for 9 months
- The company attributed the rise in profits in the third quarter to the rise in revenues and a decrease in operating expenses.
- STC's shares are up nearly 20 percent so far this year