World VoIP NewsSTC 4Q net profit up 154 percentSTC 4Q net profit up 154 percent

STC 4Q net profit up 154 percent


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Saudi Telecom Company (STC) has reported a 154% rise in net profit for the three months ended 31 December 2009, Reuters reports.
Saudi Telecom Company (STC) has reported a 154% rise in net profit for the three months ended 31 December 2009, Reuters reports.

The operator, the Kingdom’s fixed line incumbent and leading mobile and broadband provider by subscribers, made SAR2.94 billion (USD784 million) in the fourth quarter of 2009, up from SAR1.16 billion a year earlier. The growth has been emphasised as 4Q08 net profit was hit by foreign currency fluctuations while the global financial crisis took hold, knocking net profit for the period down 62% year-on-year. According to TeleGeography’s GlobalComms Database, STC reported net profit of SAR3.06 billion in the final three months of 2007. Furthermore, STC revealed that its results were boosted by the sale of a 25% stake in Malaysian operator Maxis, which raised SAR684 million for the company’s coffers. Fourth quarter 2009 operating profit declined 8.2% year-on-year, to SAR2.59 billion.




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