The Saudi Telecom Company (STC) has announced its preliminary financial results for the period ending March 31.
The revenue from services for the first quarter reached SR12.4 million — a decrease of 1.1 percent compared with the corresponding quarter last year. The gross profit for 1Q reached SR6.997 million — an increase of 1.05 percent.
The earnings before interest, taxes, zakat, depreciation and amortization (EBITDA) for the first quarter reached SR4,644 million — an increase of 2.1 percent compared with the corresponding quarter last year. Nasser S. Alnasser, acting CEO of STC, said the increase in net income by 2.1 percent for 1Q of 2018 was a result of the “continued comprehensive program to improve operational efficiency and cost-optimization initiatives.”
