Home / STC announces 2003 profit hike of 140%

STC announces 2003 profit hike of 140%

Saudi Telecom Company (STC) has reported its net profits for 2003 soared 140% to SR8.5 billion (US$2.27 billion).

Saudi Telecom Company (STC) has reported its net profits for 2003 soared 140% to SR8.5 billion (US$2.27 billion). Revenues in 2003 rose 16% to SR27 billion (US$7.2 billion).

The company’s chief executive and chairman, Khaled Al-Melhem, said the board had approved a dividend of SR22 (US$5.87) per share for 2003. Al-Melhem said the “marked improvement in results was due to a big increase in the number of subscribers and the company’s efforts to cut operating costs.”

This was achieved despite “reducing mobile service tariffs and spending SR700 million (US$186 million) on an upgrade program,” he said.

The government of the Kingdom has set up the Saudi Telecommunications Commission, a regulatory body to supervise the liberalisation and opening up of the sector.

STC is the largest listed company on the Saudi bourse. The company’s shares closed on Thursday up 1.7% on the week.

Saudi Arabia has been liberalising its telecom sector. It partially privatised STC when it floated 30% of its shares. The Communications and Information Technology Commission (CITC) will invite bids for the Kingdom’s second GSM license soon.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.