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ADNOC shifts OMV stake to XRG

XRG is ADNOC's wholly-owned international investment company.

SIB H1 net profit $189m

The bank's total assets increased by $1.49 billion.

TSMC’s H1 revenue up 40 percent

Robust demand for AI technology behind the surge.

‘Wadeem’ sold out for $1.49bn

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Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

Stc posts US$2.5bn profit in Q3

The contract has been signed for a period of 42 months. (WAM)
By TRENDS Desk
October 29, 2022 3:18 pm
  • The telecom company's revenues hit $13.33 billion during the nine-month period, up from $12.53 billion last year, which was offset by lower cost of revenue
  • During the third quarter, stc’s profits jumped 21 percent to reach $933 million

Riyadh, Saudi Arabia—Saudi Telecom Co. has posted a profit of $2.5 billion for the first nine months of 2022.

The telecom company’s revenues hit $13.33 billion during the nine-month period, up from $12.53 billion last year, which was offset by lower cost of revenue.

During the third quarter, stc’s profits jumped 21 percent to reach $933 million.

stc’s CEO attributed the positive results of the third quarter to the commitment to an integrated strategy and multi-sector investments, according to a statement.

This reflected significantly on profit growth and helped achieve sustainable yields for shareholders, Olayan Al Wetaid said.

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