STC net income for Q1 2018 increases by 2.1%

Nasser S. Alnasser, acting CEO of Saudi Telecom Company
Updated 26 April 2018
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STC net income for Q1 2018 increases by 2.1%

The Saudi Telecom Company (STC) has announced its preliminary financial results for the period ending March 31.

The revenue from services for the first quarter reached SR12.4 million — a decrease of 1.1 percent compared with the corresponding quarter last year. The gross profit for 1Q reached SR6.997 million — an increase of 1.05 percent.

The earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the first quarter reached SR4,644 million — an increase of 2.1 percent compared with the corresponding quarter last year. Nasser S. Alnasser, acting CEO of STC, said the increase in net income by 2.1 percent for 1Q of 2018 was a result of the “continued comprehensive program to improve operational efficiency and cost-optimization initiatives.” 


AHG denies link with Al-Habtoor Trading Enterprises

Updated 16 January 2019
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AHG denies link with Al-Habtoor Trading Enterprises

Al-Habtoor Group (AHG) has clarified that the group and all its divisions, including Habtoor Hospitality (Habtoor Hotels) have no link or relationship of any kind with Al-Habtoor Trading Enterprises (HTE) and its owner Rashid Al-Habtoor.

This is following news released in major Indian and Middle Eastern media about a potential acquisition of the Leela Group of Hotels in India (Hotel Leela venture) by Rashid Al-Habtoor, founder and owner of Al-Habtoor Trading Enterprises.

A spokesperson for Al-Habtoor Group said: “We feel obligated to clarify that Al-Habtoor Group in all its divisions and Al-Habtoor Trading Enterprises are two separate entities. Habtoor Hospitality, commonly known as Habtoor Hotels, is owned solely by Al-Habtoor Group in the UAE and overseas.”

“... Any actions or business decisions taken by Al-Habtoor Trading Enterprises or any of their associates are their sole responsibility, and Al-Habtoor Group is not liable under any circumstance for any damages or liabilities arising directly or indirectly from Al-Habtoor Trading Enterprises business ventures.”