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
[adinserter block="5"]
Today's Headlines
The most important news stories of the day, curated by Post editors and delivered every morning.
By signing up you agree to our Terms of Use and Privacy Policy
The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.
The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…
The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…
Majority of tenders issued are part of Bahrain’s $32 billion infrastructure development plans Oil and gas $767m, aviation $382m, construction and engineering $194m, materials and equipment $119m Bahrain…
Shuaa Capital plans to set up three blank-check companies of around $200 million each.
[adinserter block="4"]