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.
