STC made a net profit of SR2.26 billion ($601.6 million) in the three months to end-June, compared to SR2.06 billion in the same period a year earlier, said the statement posted on the bourse website.

Analysts surveyed by Reuters expected on average the firm to post a net profit of SR1.99 billion for the quarter.

STC’s 2nd quarter revenues increased to SR13.88 billion compared to SR12.59 billion for the corresponding quarter last year with an increase of 10 percent. Operating income for the quarter reached SR2.78 billion compared to SR2.35 billion for the corresponding quarter last year with an increase of 19 percent.

Earnings before interest, taxes, Zakat, depreciation and amortization (EBITDA) for the 2nd quarter amounted to SR5.09 billion compared to SR4.50 billion for the corresponding quarter last year with an increase of 13 percent, and for the 6 months amounted to SR9.90 billion compared to SR8.96 billion for the corresponding period last year with an increase of 10 percent.

Saudi Telecom CEO Saud Al-Daweesh stated that this continuous increase in the group's revenue is mainly attributed to strong growth within the domestic operations revenues as a result of increased broadband customers (fixed & mobile), where STC is the only company offering packages that are inclusive of voice, Internet and digital television.