Riyadh – Mubasher: The Saudi Telecom Company (STC) announced that its net profits increased 7.95% in the second quarter of 2017, compared to the year-ago period.
STC achieved SAR 2.38 billion in Q2-17, compared to SAR 2.2 billion in Q2-16, according to a bourse filing on Wednesday.
Quarter-on-quarter, net profits retreated 5.94%.
The telecommunications services provider attributed the growth in net profits to higher revenues.
Operating profits declined by 9.12% to SAR 2.61 billion during Q2-17 from SAR 2.86 billion in the year-ago period.
At the level of the first six months of 2017, STC’s profits increased 6.63% reaching SAR 4.9 billion, compared to SAR 4.6 billion in H1-16.
STC's stock shed 0.11% closing at SAR 74.22 on Wednesday.
