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RIYADH: solutions by stc, a unit of Saudi telecom giant stc, has posted a 38 percent increase in quarterly profit, driven by higher revenues this year.
Net profit reached SR283 million ($75 million), compared to SR205 million in the same period a year ago, the company said, in a statement to the Saudi exchange.
The business attributed the profit jump to an increase of 27 percent in gross profit to higher revenues, despite incurring more operating and admin expenses.
Revenues jumped by 29.5 percent from SR1.87 billion to SR2.4 billion.
solutions by stc recently signed a deal to buy a controlling stake in Egypt's Giza Systems Co. for $158 million.