Saudi Telecom Company (STC) net profit for the first quarter of 2017 increased 5.4 per cent to SR2.5 billion ($666.53 million), compared to the comparable quarter last year.
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The total revenue for the period was SR12.55 billion ($3.346 billion), compared to SR12.76 billion in the same quarter of 2016 and SR12.01 billion in Q4 of 2016.
Earnings per share for the first quarter grew to reach SR1.26 compared to SR1.20 for the comparable quarter last year.
In accordance with the approved dividend policy for three years starting from the 4th quarter of 2015, STC will distribute a total of SR2 billion in cash dividend for Q1 2017, representing SR1 per share, said a statement.
STC Group CEO, Khaled Biyari stated: “The financial results achieved for the first quarter of 2017 reflect the efforts being made to constantly evolve, improve and develop the company’s strategy and operations and achieve the best returns for the shareholders. Despite the various difficulties facing the sector, company sponsored programs contributed to improve operational efficiency and cost control leading to improved income and margins.
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"Net income for the first quarter increased 5.4 per cent compared to the comparable period last year. Also, net income for the quarter increased 21.3 per cent compared to the immediate prior quarter as the company managed to reduce the cost of revenues by 4.3 per cent and reduce operating expenses by 13.6 per cent compared to the previous quarter.”
Biyari added: "STC continues to invest in digital platforms to provide unique and innovative services to customers, both individuals and businesses."
