RIYADH, 3 October 2006 — The Saudi Telecom Company (STC) has been ranked among the 50 best performing joint stock companies in the Arab world, according to a recent research and study published in Forbes Arabia in its September issue. STC is one of the 20 top telecom operators in terms of revenues and also ranks at the top in terms of profits. At the local level, STC is ranked second in the 100 top local companies. It serves more than 16 million customers including 12 million Al-Jawal subscribers. STC has a team of 23,000 employees, of which 88 percent are Saudi.
The 50 companies looked at represented eight economic sectors and included 22 Saudi and 11 UAE companies. The list was built on conclusions from the study of 1616 Middle East joint stock companies’ performance. According to the magazine, the approach was based on a number of considerations, particularly the financial highlights relating to operation, efficiency and marketing success. The potential growth of such companies, factors such as market value, return on each share and return on equity and assets from the years 2004 and 2005, were also considered.
Commenting on the achievement, STC President Saud Al-Dewish asserted the company’s dedication to make further achievements at all levels aiming at the fullest satisfaction of its customers. “This achievement will positively enrich all basic services as well as the added value services and will definitely enhance both investors and shareholders’ confidence and trust in the company,” he added.
