The firm made a net profit of SR1.573 billion in ($419.5 million) the three months to March 31, compared to SR1.772 billion in the year-earlier period, according to a bourse statement on Tuesday.

Analysts surveyed by Reuters had expected Saudi Telecom to make an average of SR2.04 billion in net profit.

Revenues rose by 4 percent to SR13.07 billion in the quarter, it said, citing a rising number of clients and market share.

Earnings per share fell to 0.79 riyals from 0.89 riyals in the same quarter a year ago.