Net income rose to 2.38 billion riyals compared to 2.2bn riyals in the same period last year
Operational efficiency boosts Saudi Telecom Company Q2 net profit
Saudi Telecom Company (STC), the country’s biggest telco, said that its second quarter net profit rose 7.9 per cent boosted by what the company said was increased operational efficiency.
Net income rose to 2.38 billion riyals compared to 2.2bn riyals in the same period last year, the company said.
The company missed analyst forecasts, which ranged between 2.3bn riyals from NCB Capital to 2.49bn from Aljazira Capital, according to a Reuters poll.
Revenues in the three months ended June slipped 1.6 per cent to 13.2bn riyals compared to 13.4bn riyals in the same period last year.
"The financial results achieved reflects the efforts being made to constantly evolve, improve and develop the company strategy and operations and achieve the best returns for the shareholders," said Khaled Biyari, the bank's chief executive.
"Despite the various difficulties facing the sector, STC sponsored programs contributed to improve operational efficiency leading to improved income and margins."