RIYADH: Saudi Telecom Co., the Arab world’s largest telecom company by market value, posted a better-than-expected 154 percent rise in fourth-quarter net profit, partially helped by capital gains.
STC made SR2.94 billion ($784 million) in the three months to end-December, compared to SR1.16 billion a year earlier, the state-controlled firm said in a statement.
This was above the highest of forecasts which ranged from SR1.8 billion to SR2.79 billion in a Reuters survey earlier this month.
STC said it netted SR684 million from the flotation in November of a 25 percent stake in Malaysia’s Maxis Bhd.
STC’s main rival Etihad Etisalat (Mobily) on Monday reported a better-than-expected 35 percent rise in the fourth quarter profits to a record SR1.05 billion ($280.5 million) on more subscriptions.