Share of Saudi Telecom Company (STC) to the overall profit growth of the telecom firms stood at 77 percent by the end of 2013, according to a financial report.

Share of the telecom sector stood at 55 percent of the overall profit growth of the listed companies. The sector recorded profits of SR14.8 billion in 2013 compared to SR11.3 billion in 2012, or an increase of 31 percent, the report, prepared by Al-Eqtesadiah daily, said.

Meanwhile, shares of other telecom firms to the sector profit growth were as follows: Mobily 18 percent, Zain KSA 3 percent and Etihad Atheeb Telecom (GO) 2 percent, the report added.

Profits of Q4 of telecom sector grew by 194 percent to hit SR5.1 billion compared to SR1.7 billion of the same period last year, the report said.

Profits of the STC rose by 37 percent to nearly SR10 billion in 2013 compared to SR7.3 billion in 2012. The profit growth was reportedly attributed to the increase of operational profits by 13 percent to SR1.29 billion compared to last year’s figures, reduction of service fees by 7 percent to SR1.3 billion, and increase of other revenues by SR748 million, the report said.

On the other hand, profits of Mobily jumped by 11 percent to SR6.7 billion compared to SR6 billion in 2012. The profit growth was attributed to the increase in revenues of both business and data service sectors. Shares of business and data sectors stood at 8 percent and 28 percent, respectively, of the company’s overall revenues in 2013, the report said. Profits of Q3 (2013) rose by 9 percent to SR2 billion compared to SR1.88 billion in the same period of 2012, the report said.

Meanwhile, Zain KSA has narrowed its losses to SR1.65 billion in 2013 compared to SR1.75 billion in 2012, or 6 percent. The improvement of the company’s financial position in the year was attributed to the increase of revenues in the Internet services and post-paid lines.

However, losses of the company in Q4 increased by 4 percent to SR462 million compared to SR443 million in the same period last year, the report said.

Etihad Atheeb curtailed its losses by 24 percent to SR177 million in the first nine months of its financial year (December 2013) compared to SR243 million in 2012.

The volume of its accumulated losses by the end of nine months exceeded 54 percent of its capital reaching SR851.6 million whereas its capital stands at SR1.57 billion, the report said.