Saudi Telecom's Q1 profit rises 11pc to $667m

RIYADH - Saudi Telecom (STC), the largest listed company in the kingdom, said yesterday that net profits rose by 11 per cent in the first quarter of 2004 to SR2.5 billion ($667 million).

By (AFP)

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Published: Fri 23 Apr 2004, 12:59 PM

Last updated: Wed 1 Apr 2015, 11:52 PM

The figure compares with SR2.26 billion ($602 million) in the same period last year, said chairman Khaled Al Melhem, quoted by the official SPA news agency.

Operating revenues in the first quarter rose by nine per cent to SR7.3 billion ($1.95 billion), he said.

Saudi Telecom, which was partly privatised in 2002, posted a 140 per cent jump in profits to $2.26 billion last year.

The company will continue to have a monopoly over land lines and Internet services in the Gulf state until 2008.



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