Saudi Telecom Company (STC), one of the largest operator in the Middle East posted a 96 percent increase in its net profit for the second quarter to SR2.80 billion compared to the same period in 2013. The company boasted a 10% decline in the operating expenses for the 1st half compared to the same period last year.
According to STC, it has witnessed a huge increase in data traffic over the 4G network with monthly data volume over the 4G network surpassing the total data traffic over the 3G and 2G networks together by 9%.
“The growth in international subsidiaries operations during the 2nd quarter contributed to the 3% growth in consolidate revenue from services compared to same period last year. Meanwhile, consolidated revenue for the 1st half of 2014 declined by 2% compared to the same period last year (due to the decline in the 1st quarter revenue). Despite this decline, cost of services and operating expenses during the 1st half decreased 4% and 10% consecutively compared to the same period last year, as a result to the company’s continuous efforts to control cost and improve the overall efficiency of the operations.”
“We will continue with our ongoing efforts to remain customer-centric, which is clearly delivering results. This is a position we intend to maintain, by striving to lead through investing in technology and innovative solutions across fixed, mobile and data products for both business and personal sectors.”
– Abdulaziz Alsugair, MD & Chairman, STC Group