SR 468 m Q4 profit for STC

Updated 22 January 2013
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SR 468 m Q4 profit for STC

Saudi Telecom Company (STC) said its net income during the fourth quarter of 2012 amounted to SR 468 million compared to SR 2.278 billion for the corresponding quarter last year. This is a decrease of 79 percent, said a bourse statement.
The gross profit for the fourth quarter amounted to SR 8.14 billion compared to SR 7.94 billion for the corresponding quarter last year. This is an increase of 2.6 percent.
The operating income for the fourth quarter amounted to SR 1.9 billion compared to SR 2.81 billion for the corresponding quarter last year with a decrease of 32.5 percent.
The net income for the 12 months amounted to SR 7.35 billion compared to SR 7.729 billion for the corresponding period last year with a decrease of 4.9 percent after adjusting the compared numbers.
The basic earnings per share for the 12 months amounted to SR 3.68 compared to SR 3.86 for the corresponding period last year .
The gross profit for the 12 months amounted to SR 33.6 billion compared to SR 31.33 billion for the corresponding period last year with an increase of 7.2 percent.
The operating income for the 12 months amounted to SR 11.252 billion compared to SR 11.171 billion for the corresponding period last year with an increase of 1 percent.


Industry-specific ban on expats in Oman likely to remain, despite reaching recruitment target

Updated 26 min 20 sec ago
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Industry-specific ban on expats in Oman likely to remain, despite reaching recruitment target

  • The Oman government imposed a recruitment ban on expats for 87 different lines of work in January
  • The initial target of recruiting 25,000 Omanis by May is almost reached, not the government is likely to double that number

DUBAI: Oman’s Ministry of Manpower has pledged to continue in its push to recruit locals over expats even after its target was reached, the Times of Oman has reported.

The government set itself a deadline of May, but it was already just 55 jobs shy of the 25,000 target, the report added, predicting that the remaining people would be appointed before the week was over.

Now the government is looking to double the target to 50,000 Omanis.

More than half of those recruited are men, according to government data, with male appointments accounting for 16,884, while 8,061 women were recruited during the same period. 

A ban on hiring expats in 87 professions was implemented in January as the Gulf country continued in its Omanization project, aimed at tackling high levels of unemployment among locals. 

And now the ministry has said Omanis should always be given priority over expats, when it came to hiring – adding that the ban would stay in force as long as there were Omanis suited to the positions.

Those people employed so far were appointed to private sector positions between December 2017 and April 2018, the report added.

 

 

The construction industry accounts for 32.4 percent of those recruited, with 14.5 percent going into the retail sector, 13.5 percent in manufacturing and 7.1 percent working in transportation.

A spokesman for the Ministry of Manpower said: “Most Omanis were hired in the construction sector as it has lots of job vacancies especially in the engineering, technical and administration fields.”

The push in Oman to recruit more locals is in line with other Gulf Cooperation Council (GCC) countries which are following similar projects, not least in Saudi Arabia and the UAE.

 

 

Decoder

An extension to the expat recruitment ban?

Not only is Oman’s Ministry of Manpower considering extending the current recruitment ban on expats for 87 professions, but also adding other lines of work to the list.

FACTOID

In numbers

The most recent census in 2016 put the Oman population at: 4,550,538. But expats account for nearly half at 2.082 million. There are 2.463 million Omanis