RIYADH: Saudi Telecom Company (STC) has announced its preliminary financial results for the period ending Dec. 31, 2015 (12 months).

Revenues from domestic operations for 2015 grew 9 percent compared to the previous year.

Revenues from the controlled international subsidiaries for 2015 grew 8 percent compared to the previous year.

Consolidated revenues for 2015 reached SR50.84 billion, an increase of 11 percent compared to the previous year.

Operating profit for 2015 reached SR11.94 billion, an increase of 2.6 percent compared to the previous year.

EBITDA for 2015 amounted to SR19.37 billion, an increase of 3.8 percent compared to the previous year.

Operating profit for Q4 reached SR2.55 billion, an increase of 7.1 percent compared to the same period last year.

EBITDA for the 4th quarter amounted to SR4.46 billion, an increase of 6.1 percent compared to the same period last year.

The STC board of directors recommended the distribution of a total of SR2.00 billion in cash dividend for Q4, 2015, representing SR1 per share.

STC Group CEO Khaled H. Biyari, stated: “The 11 percent increase in consolidated revenue and the 3.8 percent increase in EBITDA for the 12 months period compared to last year, confirms that STC’s strategy is working well. The decline in net profit for the 12-month period is mainly attributed to STC continued investments in programs that will have positive outcomes in the near future such as early retirement program and the disposal of old assets.”