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Saudi Telecommunication Company’s (STC) net profit hiked by 2.44 percent during the first quarter of 2023 to record 3.1 billion riyals after tax, according to a statement from Saudi Stock Exchange Tadawul on Wednesday.
The revenues increased during the first quarter of the year by about 7.5 percent to about 18.2 billion riyals, compared to about 16.9 billion riyals in the same period in 2022, the statement added.
On a quarterly basis, the company’s net profit in the first three months of 2023 rose by 12.8 percent to 3.1 billion riyals, compared to 2.7 billion riyals in the fourth quarter of last year, while revenue rose 6.7 percent over the same period.
