JEDDAH: Saudi Telecom Co. (STC) reported a 31 percent drop in third-quarter net profit on Tuesday, missing estimates.
The company made a net profit of SR2.32 billion ($618.7 million) in the three months to Sept. 30, down from SR3.37 billion a year before. Analysts polled by Reuters had on average forecast STC would make SR3.06 billion riyals.
The company competes domestically with Etihad Etisalat (Mobily) and Zain Saudi, and own stakes in operators in the Gulf, Turkey, South Africa and Asia.
STC achieves SR2.32 billion net profit in Q3
