STC reports Q1 surge in net profit

STC Group has reported a 12 per cent rise in its first quarter revenues of SAR14.7 billion (US$3.9 billion), while net profit jumped by 60 per cent to SAR1.57 billion.

EBITDA increased 12 per cent to SAR5.37 billion.

The increase in net income for the quarter is attributed to the 12 per cent increase in operating revenue which came as a result to the growth in all of the group’s services revenues, including PSTN, mobile, business and wholesale sectors. In addition, the overall improvement in operational efficiency contributed to this increase.

Domestic revenues from mobile broadband services grew 145 per cent year-on-year, with the number of domestic mobile subscribers having increased by 14 per cent in the period.