Increase in profits of “Saudi Telecom” | Middle east

Increase in profits of “Saudi Telecom” | Middle east
Increase in profits of “Saudi Telecom” | Middle east

STC profits rise

In the third quarter of the year

Thursday – 5 Rabi ‘Al-Awal 1442 AH – October 22, 2020 AD Issue No. [

Riyadh: «Middle East»

Saudi Telecom Company (the largest operator of means and communication media in the Kingdom) revealed yesterday that the net profit during the third quarter increased by 0.73 percent compared to the same quarter of the previous year, to reach 2.7 billion riyals (738 million dollars), while the profits of the nine months grew to 8.4 billion Real ($ 2.2 billion), up 0.70 percent.
At a time when the results come in the midst of the new Corona pandemic, the company will distribute cash dividends of two billion riyals to the shareholders of the company for the third quarter of this year, equivalent to one riyal per share, as the entitlement to dividends will be distributed to shareholders who own shares at the end of trading on Wednesday the 28th. As of the current month, those registered in the company’s shareholders ’register with the Securities Depository Center Company at the end of the second trading day on the maturity date, while the distribution will be on the eighteenth of November.
Engineer Nasser Al-Nasser, CEO of the Saudi Telecom Group, indicated that the company’s results for the third quarter and the 9-month period were in line with expectations, as the company achieved revenue growth of 5.4 and 6.41 percent, respectively.
He pointed out that the consumer sector revenues, supported by the increase in fiber optic subscribers, increased by 25.2%, broadband by 8.5%, and data revenues increased by 10.1% for the current period compared to the same period of the previous year.
Al-Nasser added that the revenues of the business sector, supported by the high demand for the company’s products and the ability to meet customer requirements, rose in record time, as the transport sector and operators were also able to raise its revenues supported by the increase in international revenues.
On developments in the technical infrastructure in the Kingdom, the CEO of Saudi Telecom stated that the opportunity has become available to benefit from fifth generation technologies more due to its link with industrial intelligence, big data analysis, cloud computing and the Internet of things, indicating that the pandemic has proven that the communications and information technology sector is possible Main for various other industries and sectors.


The Saudi economy

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