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Saudi Telecom Q4 net profit plunges 32.6pc

RIYADH, January 19, 2015

Saudi Telecom Company (STC), the Gulf's No.1 telecom operator by market value, reported a 32.6 per cent slump in fourth-quarter profit on Monday, missing estimates.

The firm, which competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, made a net profit of SR2.44 billion ($649.8 million) in the three months to December 31, down from SR3.62 billion in the prior-year period.

Analysts polled by Reuters on average forecast STC, which own stakes in operators in the Gulf, Turkey, South Africa and Asia, would make a quarterly profit of SR3.32 billion.

Despite the fall, the company declared it would pay a higher dividend. A separate statement said STC would pay 1 riyal per share for the final three months of 2014, compared with 0.75 riyals for the corresponding period of 2013, according to Thomson Reuters data.-Reuters




Tags: Saudi Telecom Company |

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